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  1. #1
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    Can anyone give me a few ideas on what is considered to be tax deductable?

    As the tax year is drawing to a close, I presume that it is now that you go out and buy a whole bunch of stuff for the business and deduct some of the cost from what you would end up paying in taxes.

    Does anyone have any good links that will tell me more about what can be written off?

    A new computer?
    A new car?
    A new house if you have a home office?

    I do not want to pay taxes when I can use the money to buy things that we really need anyway.

    Any advice would be much appreciated.

    www.cjshoppingnetwork.com

  2. #2
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    As far as writing off your home office... you can only write off the monthly payment x square footage. I think? I would contact a CPA

    You can write off computers, Internet connection, cpc advertising if you have any. A CPA will save you more then he/she will cost (probably).

  3. #3
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    What is a CPA?

    www.cjshoppingnetwork.com

  4. #4
    Full Member ellen-s4y's Avatar
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    CPA = Certified Public Accountant

  5. #5
    ABW Ambassador Ron Bechdolt's Avatar
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    CPA = Certified Public Accountant.

    Ron - 7 Days A Week Marketing

  6. #6
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    Thanks. We are going to go see an accountant soon.

    www.cjshoppingnetwork.com

  7. #7
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    Keep track of the mileage to the accountant, you can write that off too. You can write off domain, hosting, work at home(office space), advertising, paid url submissions, wordtracker, business calls with cell, lots of things. Getting an accountant is definetly one of the best things you can do, luckily i have a great one.

    I work in lounge pants . Looking for a sponsor, PM with offer.

  8. #8
    ABW Ambassador Packy's Avatar
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    CJ,

    Here was another thread that had some pretty good suggestions to consider

    http://abw.infopop.cc/6/ubb.x?q=Y&a=...9706086734&p=1

    Merchant Coincidences, One of the Wonders of the World

    Coincidence Me baby!

  9. #9
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    Last year I only made about $50. This year I need an accountant

    I would like a more powerful computer, and I hope that I can write it off as a tax deductable.

    We just bought a new bed, a new washer and dryer. Can those be written off?

    We also need a new car, a new house etc etc

    www.cjshoppingnetwork.com

  10. #10
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    Did you file your business property taxes?

    Write off your computer but your property tax per your sate has a depreciation value. Better check on that before you go hog wild on a spending spree.

    SandraR

  11. #11
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    I work at home, and we rent our home

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  12. #12
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    CJ,

    First, I am not an accountant, so verify anythiing with one.

    Be careful what you deduct. Anything you use exclusively for your work can be deducted from your income.

    Washers, dryers, new bed, and house are not deductible. If you do deduct them, you are inviting an audit, unless of course these items are used for your business.

    I used to have a home with an office that shared a room with the family room. Did I deduct it? No. Why? big red flag as a room that is not EXCLUSIVELY used for work purposes is not deductible. You can try to "bend" these rules, but I do not, and I suggest others do not as well.

    Staying on the letter of the tax law keeps the IRS man away. There are plenty of deductions to go around. Hosting, domains, equipment, your work computer, office supplies, milleage to the bank, accountant, and post office. Many more.

    IamJaloppy

  13. #13
    Web Ho - Design B!tch ~Michelle's Avatar
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    <BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by cjshoppingnetwork:
    Last year I only made about $50. This year I need an accountant

    I would like a more powerful computer, and I hope that I can write it off as a tax deductable.

    We just bought a new bed, a new washer and dryer. Can those be written off?

    We also need a new car, a new house etc etc

    http://www.cjshoppingnetwork.com<HR></BLOCKQUOTE>

    Another thought.

    I depreciate my office equipment.

    If I buy a new computer, it gets depreciated first. I then take the old one and load my fax software on it and hook it to the other phone line and use the fax for business, and can then start the depreciation on that machine over since it now serves a different purpose.

    This year I didn't buy a new computer, but instead bought a $450.0 printer and a ton of ink and paper, and two LCD monitors. That was equal too a new computer (actually more than).

    I need a lap top, but I am holding out until after the first of the year so that I have all year to pay it off it I want and can write it off on next years taxes.

    Look into depreciating. Some thing you can depreciate over 3 or 5 years.

    ~Michelle

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  14. #14
    Affiliate Marketing Consultant Linda - 5starAffiliatePrograms's Avatar
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    Dont forget software or any other office supplies. Invest in things for the biz that will help you earn more income next year (so you can pay Uncle even more!)

    Linda Buquet :: 714.754.1280 :: AM Consulting, Promotion & PR (Partner Relations)
    <font color="#0000FF">5 Star Affiliate Programs</font> :: 13 High Paying, Parasite-Free, Partner-Centered Programs
    HUGE Holiday Sales Contest. WIN BIG PRIZES! <font color="#0000FF">Click Here!</font>

  15. #15
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    What about things that I have already purchased? Such as my desk, printer, office chair, computer, paper etc...

    www.cjshoppingnetwork.com

  16. #16
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    Anything you use for affliate marketing, ask your accountant.

    I work in lounge pants . Looking for a sponsor, PM with offer.

  17. #17
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    Business property tax is not for your HOME. Its for property used in your business.

    Your desk, office equipment and anything you deduct from your taxes!

    You need to speak to someone, before you get yourself in trouble.

    SandraR

  18. #18
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    <BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by cjshoppingnetwork:
    What about things that I have already purchased? Such as my desk, printer, office chair, computer, paper etc...
    <HR></BLOCKQUOTE>

    "my desk, printer, office chair, computer, paper" all are deductible if they are used for your business.

    If you are earning a decent amount, it might even be better to open a S corporation or LLC. A couple of hundred dollar will save you more in the long run. You can depreciate up to $25,000 in total assets in a single year. Find a good CPA (or CA as you may know them).

    PS: Regular disclaimer applies. This is not a legal advise etc. etc.

  19. #19
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    When do you normally file business property taxes?

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  20. #20
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    ACCOUNTANT

    I work in lounge pants . Looking for a sponsor, PM with offer.

  21. #21
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    <BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by cjshoppingnetwork:
    When do you normally file business property taxes?
    http://www.cjshoppingnetwork.com<HR></BLOCKQUOTE>

    Once a year.

    Go to city hall and they can tell you were you need to get the forms. As the people will not be very helpful ask for as much documentation as you can get concerning business property taxes.

    SBA - Small Business Administration


    SBA - TAXES

    Treat the SBA as your BIBLE, all your answers are there and the people who can assist you with specific questions are here Score

    SCORE can be your BEST FRIEND! Score has been around for a very long time, most people waste time asking questions in unrelated forums as you are doing now, when you need to speak to the experts.

    SandraR

  22. #22
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    Thank you Sandra

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  23. #23
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    Besides telling you to stick more money in an IRA, it is too late to go to an accountant after the 1st. GO NOW!!!

    Not only will they make sure you don't get in trouble, you will find hopefully, they can find things for you. Since I write for pop-culture/entertainment sites/magazines - my cable bill is deductible. Woohoo! I never would have thought of that, but I also would not have thought to pay in a means i could track. So go now!!!!

    The earlier you can go to an accountant, the more money you can save. For anyone, if you are just starting out - bite the bullet - go to an accountant before you get in deep.

    Chet

  24. #24
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    <BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by Chez Noir:
    Besides telling you to stick more money in an IRA, it is too late to go to an accountant after the 1st. GO NOW!!!
    Chet<HR></BLOCKQUOTE>

    After the 1st of January?

    www.cjshoppingnetwork.com

  25. #25
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    A CAYMAN OFFSHORE COMPANY.

    0 TAX!

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