Tax write-offs.....need some suggestions

[Kelli Combs (admin)]

I always postpone taxes to Oct 15th and then send it in.  I need some help thinking of stuff to write off.  I've got so far:

parking

Ontrac delivery of exhibits to office

gas

SEP IRA investment

Scopists/proofers

equipment/supplies

I'm stumped as to what else to write off.  Anyone have any suggestions?

[linda vaccarezza]

also, if you have a business credit or debit card that you only use for business, you dont have to keep those stupid little receipts, you can just use your bank statements

[Carol A.]

HOLY CRAP!!!   I wouldn't have filed it either, LOL!

[linda vaccarezza]

part of your home office,  home internet, dining, entertainment, depreciation of equipment.

a good tax person will find all the deductions

also, i got incorporated and now i dont have to pay self employment tax

AND i get to pay myself a salary, which means I owe zero at the end of the year.

if you want a great tax person, let me know!

[Kelli Combs (admin)]

I've been meaning to incorporate for a long time now.  I've just been intimidated by the fact all your money goes into an account that you don't have access to and you have to use a service to issue you a check.  I feel like I've lost all control.  Both my husband and I being independent contractors would save about 20 grand but we're not doing it yet.  I know.....stupid.  

I'd love some details about what to expect and how difficult it is to ask  this company for money.  I feel like am I going to have to ask for money to go to the store for groceries?  Not sure what it's all about.  

[Phyllis J. Stinson]

Equipment (depreciated) , supplies, in-home office, telephone, educational and reference material for your office, such as state legal directories, etc., advertising of all kinds that is business related, auto expenses (cash expenses only if you take Section 179 allowance) mileage, if you don't; percentage of utilities, rent/mortgage percentage; air purification system for office use; furniture and fixtures; percentage of internet usage, and I can't think of anything else off the top of my head.

[Ana Dub]

Office furniture.  Postage.  Meals with business associates.  Trips to conventions.  Association fees.

[Debbie Landi]

55" Samsung TV.....My video editing station:-)

[Kelli Combs (admin)]

Wow, that's huge.  LOL.  I'll see if I can add that to the list since we have a 60" flatscreen that we bought last year. Makes sense to me.  Thanks.

[Scott Sinclair]

Become a subchapter S corporation.  I've done it since 2001.  It's a huge tax savings on FICA (social security).  

[kathy - iamwrdsmth]

office space in your home

office supplies, pens, sticky notes, etc.

mileage

[Brian Durborow]

Kelli

These are a few of the things I write off:

- 75% of my total cell phone bill for the year

- 75% of any repairs, maintenance and car washes for my vehicle. I also write off 75% of my total miles for the year.

- tolls (if you have EZPass..it makes it very easy to track)

- I play in charity golf outings and write all of those off so think about any "donation type" expenses you make in your business.

- If you have a home office, you can write expenses off as well.  For example, my home office makes up about 25% of my whole house, so I write off 25% of lawncare, utilities, internet, any home maintanence.

- How about ANY type of solicitation/advertising. If you are listed in the Lawyers Diary or some other publication...thats a write off.

My father is a CPA so I know A LOT of writeoffs that are 100% legitimate!  Let me know if you have any questions.

[Jules]

"- 75% of any repairs, maintenance and car washes for my vehicle. I also write off 75% of my total miles for the year."

Unless there's some big change I'm unaware of, this is not a legit deduction.  You can write off actual expenses OR mileage, not both.  It's an either/or situation.  If you're deducting both, I sure hope you don't get audited.