Tax Write-offs NOT to Forget with Tax Season Approaching...

[Justin Watts]

Hi Guys,
Since I do my own taxes with Turbotax, I want to make sure I don't miss any "small item tax write-offs" that add up a lot... The program does all the major ones, but there are always small ones that I forget... I am putting together a list and feel free to add to it to share with everyone including myself...

Top Business Expenses for Tax Deductions:

1. Home office expense
2. office supplies
3. Business Insurance costs
4. Advertising - internet directories, car magnets, business cards, flyers, etc.
5. Equipment - computer supplies, hardware, programs, software, etc. etc. cameras, batteries, etc.
6. Associations, NACHI, etc.
7. Hi Speed Cable modem access, required for business... (internet connection) Not sure if this one qualifies.... but Partial Cable TV for learning shows such as Home TV, House Detective, etc. etc. ?!?
8. Vehicle expenses, depreciation and mileage expenses
9. Business meals / 50% off.
10. Postage, PO BOX, taxes or fees... toll road fees
11. Books, publications, etc.
12. Cell phone calls... plan, etc.
13. Dry cleaning of shirts

These are all the ones I could think of....Am I missing any???? Please add in your replies.

Thanks!
Justin.

[Bruce A. King]

Paypal charges if you offer paypal via your web site.
Expenses for clothing.
The portion of your personal auto policy for business use of the auto.
(if you knew to list it as being used for partial business use)

Forget the cable TV its not a valid deduction IMO
Vehicle mileage but not mileage plus depreciation as I understand it.
Business meals do not include lunch each day, only when traveling for training or meetings.
The home office deduction is only allowed if the room is 100% business use only.

[Brian E. Kelly]

Medical insurance
CEU's
work clothes

[Justin Watts]

Yes, forgot work clothes... boots, safety glasses, etc. Oakleys should count, since they are "safety" rated.

Thanks for the cable tv tip, I will stay away from that one....


Any more?????

[David Nice]

Originally Posted by jwatts1

Yes, forgot work clothes... boots, safety glasses, etc. Oakleys should count, since they are "safety" rated.

Thanks for the cable tv tip, I will stay away from that one....


Any more?????

One needs to use care when including clothing. Every day clothing could easily be disallowed. If you buy favorate shirt to use as a uniform, it's best to buy at least about 5 of the exact same shirt at one time.

[Bruce M. Graham, III]

I wonder if John O has a fax on his fishing boat can it then been written off?

[lkrausz]

Take the % of the house that the home office is and all the utileties and repairs are deductable, either milage or gal $'s, not both, computer, tablet, Pda, all dues such as NACHI etc.

[Justin Watts]

Great info. thanks!

[gbeaumont]

Hi to all,

I don't suppose that the alchohol that I am being driven to drink counts does it??

Regards

Gerry

[David Nice]

Someone correct me if I am wrong, but I thought the vehicle mileage allowance was instead of deducting gas, maintenance and repairs and had nothing to do with depreciation.

Since I use a personally owned (long paid for) vehicle I deduct the mileage rather than actual costs and come out ahead. Now that might be different if I could not deduct depreciation (or do a Ch 179) on a new vehicle.

[David Nice]

Originally Posted by gbeaumont

Hi to all,

I don't suppose that the alchohol that I am being driven to drink counts does it??

Regards

Gerry

No only the mileage from the liquor store to the inspection site.

[gbeaumont]

Originally Posted by dnice

No only the mileage from the liquor store to the inspection site.

Now that is funny (I think) good come back David

Regards

Gerry

[David Nice]

Originally Posted by gbeaumont

Now that is funny (I think) good come back David

I missed my calling.

[Bruce M. Graham, III]

Gerry,
I think that is filed under entertainment expenses.
I have known some to write it as an office expense right along with the pop corn and candy bars for the office break room.
Back when I was a Remodeling contractor I went to a conferance, the speaker was talking about taxes and claimed that he would charge his company to store his "extra" art work at the office, at which time it would become an office expense.
Happy Holidays

[David Nice]

Originally Posted by bgraham

Gerry,
I think that is filed under entertainment expenses.

But you have to be entertaining somebody other than just yourself.