Quote:
Originally Posted by bronco67
This is my first entire year as a free agent, and I'm aware of deductions I need to make -- such as computers I've purchased, home office space, etc. If I feel like I may have a tax liability, can I just spend that money on more business related equipment or software, instead of giving it to the government?
Please excuse me if this sounds dumb, but I've never been in this situation until now -- and it's the end of the year. If I splurge on another computer system for my network(before dec 31), that means the IRS won't get that income, correct?
Thanks in advance for any help...
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Are you looking to deliberately avoid paying ANY taxes? You can't do that. Pay your share and quit whining. By the way if you have health insurance you can deduct your premiums, but I'm sure the CPA you are about to hire will tell you all about that.
Oh and that computer you bought for your "home office" unless you use if for business ONLY you can't take a full deduction. Sure you can lie if you don't. doubtful the IRS will ever raid your house and confiscate your computer to tell otherwise.