GoFuckYourself.com - Adult Webmaster Forum - View Single Post - Give tips on how to maximize expenses for tax purposes

jayeff · 04-16-2005, 01:48 AM

This is an extremely poor place to get advice about taxes: it is the nature of this board that you will get suggestions which could cost you far more in the long run than you are likely to save in the short term.

On the face of it, if your accountant is unable to provide you with the specifics that you are asking about here, you need another accountant. Maybe you are using a Main Street book-keeping/tax return shop: these and their like are not real accountants in this context. A real accountant will cost you more, but be able to tell you precisely what you can claim without sending up flags that might get you audited. He will tell you exactly what records to keep so that you will survive an audit intact if the worst happens.

But the key is the extra cost of professional services like these: a good tax accountant charges out at much the same rates as a lawyer. So you have to ask yourself whether the potential savings are likely to justify that kind of expense. It sounds unlikely that they will in your case.

If however, you are in this for the long haul and you are starting to make some serious money, a tax accountant can still earn his keep. Savings from claiming part of your telephone bill and the like are peanuts compared with the taxes you can legimately avoid by setting aside part of your income for a pension, health care and so on. This is an area which falls within the expertise of both tax accountants and financial consultants, but a good accountant is the best starting point. Try to find one who works for other self-employed professionals and medium-sized businesses in your area.

If that is not relevant to your situation, do a search on Amazon for "Taxes for Dummies". It will turn up several books (buy one for the current year) which will tell you all you need to know. Follow its advice, keep good records and don't be tempted to claim for anything you are not sure about. Then use an online filing service such as TurboTax and keep worrying about saving taxes for the day when you are earning enough money to make such concerns worthwhile.

04-16-2005, 01:48 AM
jayeff Confirmed User Join Date: May 2001 Posts: 2,944	This is an extremely poor place to get advice about taxes: it is the nature of this board that you will get suggestions which could cost you far more in the long run than you are likely to save in the short term. On the face of it, if your accountant is unable to provide you with the specifics that you are asking about here, you need another accountant. Maybe you are using a Main Street book-keeping/tax return shop: these and their like are not real accountants in this context. A real accountant will cost you more, but be able to tell you precisely what you can claim without sending up flags that might get you audited. He will tell you exactly what records to keep so that you will survive an audit intact if the worst happens. But the key is the extra cost of professional services like these: a good tax accountant charges out at much the same rates as a lawyer. So you have to ask yourself whether the potential savings are likely to justify that kind of expense. It sounds unlikely that they will in your case. If however, you are in this for the long haul and you are starting to make some serious money, a tax accountant can still earn his keep. Savings from claiming part of your telephone bill and the like are peanuts compared with the taxes you can legimately avoid by setting aside part of your income for a pension, health care and so on. This is an area which falls within the expertise of both tax accountants and financial consultants, but a good accountant is the best starting point. Try to find one who works for other self-employed professionals and medium-sized businesses in your area. If that is not relevant to your situation, do a search on Amazon for "Taxes for Dummies". It will turn up several books (buy one for the current year) which will tell you all you need to know. Follow its advice, keep good records and don't be tempted to claim for anything you are not sure about. Then use an online filing service such as TurboTax and keep worrying about saving taxes for the day when you are earning enough money to make such concerns worthwhile.