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2011-08-11, 03:21 PM | #1 |
The Original Greenguy (Est'd 1996) & AVN HOF Member - I Crop Pics For Thumbs In My Sleep
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What Do You Write Off As A Business Expense?
Off the top of my head, this is what I write off:
Car/Gas/Insurance Health Insurance Verizon Bill (cells & ISP) Postage Travel (air, hotel, food, etc) Sabres tickets * Office Supplies Computers/Hardware/Software Bank Charges (on business account) Bank Loan Hosting Dues & Subscriptions ** Wages * Sabres tix - I put every game online for sale & if they don't sell, then I go to the game with a business associate One of the 1st things my accountant told me was that if you talk business at dinner, it's a write off. ** Dues & Subscriptions - this covers a lot of things, like domains, ASACP Membership, State Remote - basically anything I have to pay for monthly/yearly that does not fit into the above. So what do you guys & gals write off? Sharing all this might give some of us new ideas on what we're missing out on |
2011-08-11, 03:45 PM | #2 |
Subversive filth of the hedonistic decadent West
Join Date: Mar 2003
Location: Southeast Florida
Posts: 27,936
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Phone Bill
Electric Bill Bottled Water Bill Internet Bill Software Computer Hardware Accounting Bill Office Supples Alarm Bill Hosting Domain Names Postage Submitter Passes Bank Charges on my business account only. I'm a S Corp so I draw a paycheck each week. Back when I actually went to trade shows business paid for them but it has been years since I've gone to a show. My health insurance is though a deal with another company that I'm involved with so I don't pay for it. I don't write off any of my car's gas or expenses since this biz doesn't require the use of a car these days but if I should start doing computer consulting again I would. I'm pretty conservative on expenses since I've been through an audit and have a healthy respect for the awesome power of the IRS. |
2011-08-11, 03:46 PM | #3 |
Lonewolf Internet Sales
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I know I don't take all I could, just the bigger expenses and the ones that are easy to track.
Health Ins Travel (airfare, hotel, conference registration) Computers, hardware, software web site content (for my AVS sites) hosting domain registration dues & subscriptions |
2011-08-11, 03:48 PM | #4 |
Life is good
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I write off everything I can. Also off the top of my head (cut & posted Greenie's lol)
Car/Gas/Insurance Vehicle maintenance, oil changes, tires Cells & ISP/Internet Postage & Office Supplies Travel (air, hotel, food, etc) SENS hockey tickets Computers/Hardware/Software Bank Charges (on business account) Bank Loan Interest Hosting Wages/Contract Labor Accountant fees Meals (Canada allows something like 50% of "business" meals) Designs Domain renewals/purchases Content (photos & videos) CMS monthly costs MPA monthly fee Percentages of home costs due to a home office: Percentage of mortgage interest Percentage of property taxes Percentage of home repairs (haven't had any yet) Percentage of home utilities |
2011-08-11, 03:52 PM | #5 |
Life is good
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I should add that vehicle maintenance, car payments, insurance and such is based on miles used for business. Mine is usually a low percentage since I was working from home and only had to travel for business on occasion.
Like when I had to go to Buffalo Or Boston this year for my daughter's dance.. and a meeting too of course Now however that is going to shoot way the hell up due to this job. Plus train tickets to and from Toronto, more meals... they might owe me |
2011-08-11, 03:52 PM | #6 |
wtfwjd?
Join Date: May 2007
Posts: 2,103
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Don't forget home office deduction, just be aware of the rules.
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2011-08-11, 04:22 PM | #7 |
The Original Greenguy (Est'd 1996) & AVN HOF Member - I Crop Pics For Thumbs In My Sleep
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My accountant advised me to NOT do this - he said it's almost instantly an audit.
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2011-08-11, 04:32 PM | #8 | |
Subversive filth of the hedonistic decadent West
Join Date: Mar 2003
Location: Southeast Florida
Posts: 27,936
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Quote:
Just pay utilities instead. |
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2011-08-11, 05:03 PM | #9 |
wtfwjd?
Join Date: May 2007
Posts: 2,103
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Well, you gotta do what your accountant says, for sure. But I would recommend at least getting a second opinion. The rules have changed, and it's much easier now than before. I know lots of people that have been doing it for years with no audit. AMF, some of the things listed above are much more likely to trigger an audit.
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2011-08-11, 05:54 PM | #10 |
Life is good
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I will no longer be doing it now I assume because I am working for another company now. Be hard to explain a home office, even though I have one, and that I work 40 hours for someone else all week long.
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2011-08-11, 05:54 PM | #11 |
The Original Greenguy (Est'd 1996) & AVN HOF Member - I Crop Pics For Thumbs In My Sleep
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Ram - I bet you can write off that apartment.
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2011-08-11, 06:54 PM | #12 |
You can now put whatever you want in this space :)
Join Date: Feb 2007
Location: Australia
Posts: 658
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Coffee & Coffee machine
Charity Donations Thats all I can add... but these are Australian of course. My accountant also said that if I am travelling anywhere, pickup some local business cards - then claim the trip on tax... so I do
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Good, Cheap Wordpress Themes |
2011-08-12, 06:31 AM | #13 |
WHO IS FONZY!?! Don't they teach you anything at school?
Join Date: Jun 2011
Posts: 40
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I write off everything I possibly can.
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2011-08-13, 10:33 AM | #14 |
Life is good
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Yes you are right I can.
One of the guys I use to see on the train to Toronto said even if you do not own a business you can right off the apartment rent because you have a residence elsewhere (home in Ottawa) and you have to travel to Toronto for work and rent an apartment in order to earn your income. |
2011-08-13, 07:01 PM | #15 |
Selling porn allows me to stay in a constant state of Bliss - ain't that a trip!
Join Date: Apr 2003
Posts: 3,914
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I'm also more conservative than I have to be. In the past I have not been agressive with writing off expenses.
I do however write off a home office, but very sparingly. I was audited a few years back, I showed the auditor my home office setup, she nodded and said "that's fine". It wasn't an issue. |
2011-08-15, 12:25 PM | #16 |
bang bang
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I write off the home office. I'm not afraid at all to do it because it is exactly that. It's where I work and do business. If anything I feel I'm conservative with my write offs.
I have some friends that about almost any dinner out and even if it's a lounge place that serves food and really all they did was drink there. That gets written off. At the end of the day I listen to my accountant. |
2011-08-15, 02:09 PM | #17 |
I'm going to the backseat of my car with the woman I love, and I won't be back for TEN MINUTES
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I also write off a home office deduction and have for years. My accountant stays up on the rules andit is worth it for me to get the small deduction. Follow the rules is the key.
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2011-08-16, 09:26 AM | #18 |
If there is nobody out there, that's a lot of real estate going to waste!
Join Date: Dec 2003
Posts: 2,177
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One that I haven't seen listed yet is professional appearance ie. clothing, whether in a uniform sense or the power suit sense!
All those suits & accessories to look professional, + dry cleaning, get written off! Ladies, that also includes makeup & shoes! |
2011-08-16, 10:12 AM | #19 |
Lonewolf Internet Sales
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For a webmaster that works from home? That one would be a bit tough to justify during an audit.
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2011-08-16, 11:51 AM | #20 |
The Original Greenguy (Est'd 1996) & AVN HOF Member - I Crop Pics For Thumbs In My Sleep
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You mean I can write off the pajama bottoms I wear all day?
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2011-08-16, 12:07 PM | #21 |
bang bang
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Fuck yea you can. What I'd do is before you go on any trip that is when to do some of the more serious shopping for clothes. Then it lines up with the appearance that you were trying to have while doing business in vegas, etc.
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2011-08-16, 01:10 PM | #22 |
The Original Greenguy (Est'd 1996) & AVN HOF Member - I Crop Pics For Thumbs In My Sleep
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bDok - I have to admit, that is a great expense that I have overlooked
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2011-08-17, 12:06 PM | #23 | |
If there is nobody out there, that's a lot of real estate going to waste!
Join Date: Dec 2003
Posts: 2,177
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Quote:
I'll take the same deductions that billion dollar corporations do! |
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