2005 Tax Writeoff Resource Thread

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  • Keev
    Confirmed User
    • May 2001
    • 5335

    #1

    2005 Tax Writeoff Resource Thread

    Scripts (ucj, pennywize,tm3, comus, etc)
    Software (dreamweaver, photoshop, thumbsplus, etc)
    Hosting, Colocation, Bandwidth
    Content Purchases
    Models , Clothing, Travel expenses related to her getting to the shoot.
    Camera / Photo Equipment
    Domains
    Hosting
    Programmers / Hired Help
    Interest On Business Credit Cards
    Car Payment
    Office Rent or % Of House Payment if work from home.
    ISP Service (DSL, Cable,DialUp)
    Computer Equip. monitor, Servers, Routers, video, sound, capture cards)
    TV, VCR, DVD player, Xbox (research and development or hell Break room decor and equip)
    Office Equipment (paper, pens, furniture,print materials, decor)
    Advertising (print, banner spots, tgp listings, business cards, sig whores, seo, traffic purchases)
    CCBILL , Epoch, etc Service Charges, Check Fee's, Wire Fee's
    paypal Fee's
    Chargebacks, refunds, Lost merchandise / inventory
    Purchase of new web properties (websites, domains, etc)
    Office Electricity & Water bill
    Legal Expenses
    Business attire (pimp suits, hawaiian shirts, pants)
    Business Lunches (strip clubs, etc) gotta entertain the business partners
    Hotel Stay
    Merhant Account Fee's and service charges
    Authorize.net / itransact etc monthly service
    Postage / Shipping / Packaging
    Phone (office, cell, etc)
    gas
    business / car insurance
    car maintence
    travel expenses (airfare)
    printer ink
    designers (design jobs, banners, tgp templates)
    employee lunches & outings
    client lunches / dinners
    VEGAS PERIOD!
    Visa Registration
    Accountant Fee's Service Charges
    Office Housekeeping :-)
    Business Liceanse
    Corp Reg Fee's & Renewals
    Resellers Permit
    Dry Cleaning Bills
    Safe deposit box rental fee / PO BOX
    Investment management or investment planner's fees

    Distributions
    If the business had a good year, decide whether to distribute
    earnings or accumulate them for future expansion or other purposes.
    If distributions are to be made, decide how to do so on a tax-advantaged basis.
    Remember that corporate dividends are now taxed to shareholders at no more than 15%.

    Not sure where this falls but....
    MIA Designers, Progammers that never complete the job and you have a deposit outstanding.
    Also I am sure this could be applied for defunct clients....


    Medical" marijuana and accompanying rolling papers

    Employee Tax
    Employee Insurance
    Employee Benefits , Bonus, Gifts


    Many individuals sell stocks that show a loss at year-end to reap a tax writeoff. Making the wrong move after the sale, however, can prevent these taxpayers from claiming deductions, warns Bob D. Scharin, editor of Warren, Gorham & Lamont/RIA's Practical Tax Strategies, a monthly journal written for tax professionals.

    This harsh consequence comes from the "wash-sale" rule. It prevents you from selling shares at a loss and then reacquiring substantially identical ones within 30 days before or after the sale. You may be tempted to sell and repurchase if you think the loser you have been holding is finally on the verge of a rally. "In essence, the rules are designed to prevent you from claiming a loss deduction while your investment position remains substantially unchanged," Scharin explains.

    The 30-day period is not impeded by year-ends. Thus, if you sell stock at a
    loss on December 30, 2004, and buy it back on January 10, 2005, your 2004
    loss will be disallowed.






    Off note writeoff's for personal life...

    Alimony Paid
    Child Care
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  • aflex
    Confirmed User
    • Oct 2002
    • 3127

    #2
    awesome fucking post.
    self made mothafucka.

    buying premium domains & developed sites with revenue/traffic -> adaptweb at gmail.com

    Comment

    • Babagirls
      Text Writer
      • Feb 2001
      • 18812

      #3
      cool, im bookmarking this thread. i didnt print out recipets from online software that i bought last year, didnt know that was tax deductable. looks like i should be gettin a nice chunk of change back this year (hopefully).

      nice thread!




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      Comment

      • Keev
        Confirmed User
        • May 2001
        • 5335

        #4
        Remember that some may not apply to you and other have stipulations on how they can be written off... ie depreciated over x amount of time, or % of total amount. So see a tax accountant and he will pick and choose which can be applicable to you.
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        Comment

        • Kalifornia
          Registered User
          • Apr 2004
          • 734

          #5
          I will follow this post this year

          Comment

          • Keev
            Confirmed User
            • May 2001
            • 5335

            #6
            Corp Creation costs, and yearly renewals
            groups you might be afiliated with ie BBB, clubs or associations
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            Comment

            • pornguy
              Too lazy to set a custom title
              • Mar 2003
              • 62910

              #7
              We put together a list like that some time ago, and use it every year.

              If you have a stock that went out, like the company is gone, and you lost everything, then you can deduct the amount of the purchase. If you sold a house, any construction before the sale is also deductable.
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              Comment

              • hyper
                Confirmed User
                • Mar 2002
                • 5294

                #8
                when you declare your home office deduction keep the square footage under 80

                Comment

                • Babagirls
                  Text Writer
                  • Feb 2001
                  • 18812

                  #9
                  QUESTION:

                  me and my man split the bills, example: I pay 100% Electric, he pays 100% Cable (tv & internet).......but i use the cable internet, can i write that off even though payments werent made in my name??? He cant write it off cuz he doesnt work online, only i do.
                  help!




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                  • Babagirls
                    Text Writer
                    • Feb 2001
                    • 18812

                    #10
                    Originally posted by hyper
                    when you declare your home office deduction keep the square footage under 80
                    whys that?




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                    • AlienQ - BANNED FOR LIFE
                      best designer on GFY
                      • Mar 2003
                      • 30307

                      #11
                      I think this is about the only business where you can fuck a girl and claim it as a tax write off.

                      Comment

                      • FluFFYGRidER
                        Registered User
                        • Dec 2004
                        • 58

                        #12
                        Originally posted by hyper
                        when you declare your home office deduction keep the square footage under 80
                        nice wrong advice there... no matter what you do, claiming the home office deduction will raise your audit risk substantially.

                        Comment

                        • hyper
                          Confirmed User
                          • Mar 2002
                          • 5294

                          #13
                          Originally posted by FluFFYGRidER
                          nice wrong advice there... no matter what you do, claiming the home office deduction will raise your audit risk substantially.
                          any home office deduction raises your audit risk, however i would think it would get reviewed prior to an actual audit. 80 sf seems realistic. its an 8 x 10 room.

                          maybe its just a rumor i heard somewhere, but in 8 years of using it, i haven't been audited, so i'm sticking with it

                          Comment

                          • Keev
                            Confirmed User
                            • May 2001
                            • 5335

                            #14
                            I have heard the same thing.... howvere you can also stuff it somewhere else if you want to be creative.
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                            Comment

                            • FluFFYGRidER
                              Registered User
                              • Dec 2004
                              • 58

                              #15
                              Originally posted by hyper
                              any home office deduction raises your audit risk, however i would think it would get reviewed prior to an actual audit. 80 sf seems realistic. its an 8 x 10 room.

                              maybe its just a rumor i heard somewhere, but in 8 years of using it, i haven't been audited, so i'm sticking with it

                              I have no idea why people would raise their audit risk like that for a mere $10-$20 tax savings. Not only that, but when you sell your house, that portion will be considered business property not subject to the section 121 homeowner's exclusion! You may have been using it for 8 years, but it only takes one audit to fuck you over for the previous 3 year's tax returns.

                              Comment

                              • Keev
                                Confirmed User
                                • May 2001
                                • 5335

                                #16
                                kieep them coming people i am sure there are more
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                                • DickShoke
                                  Confirmed User
                                  • Oct 2003
                                  • 1236

                                  #17
                                  anyone know of an accountant that doesn't have a problem doing taxes for an adult company? i need one....thanks in advance.
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                                  Comment

                                  • Keev
                                    Confirmed User
                                    • May 2001
                                    • 5335

                                    #18
                                    where ya located ?
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                                    Comment

                                    • $5 submissions
                                      I help you SUCCEED
                                      • Nov 2003
                                      • 32189

                                      #19
                                      Great thread, Keev.

                                      If anyone is looking for an online accountant with SOLID credentials, try http://www.sbsuite.com They have a New Year's special for people trying to catch up with paperwork just in time for Taxes

                                      Comment

                                      • Keev
                                        Confirmed User
                                        • May 2001
                                        • 5335

                                        #20
                                        off to vegas!
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                                        Comment

                                        • MissMiranda
                                          Confirmed User
                                          • Jul 2004
                                          • 583

                                          #21
                                          Im wondering if I should even bother doing taxes this year.

                                          I heard there are certain exceptions that can be taken if say you are under 25, or if you earn less then 10,000 dollars.

                                          I dont even want to do expenses for my site...it doesnt make that much money anyway.

                                          Plus the irs says I owe them about 100 bucks (not alot to most of you,but alot to me)

                                          Comment

                                          • mal
                                            Confirmed User
                                            • Dec 2003
                                            • 1899

                                            #22
                                            Originally posted by MissMiranda
                                            Im wondering if I should even bother doing taxes this year.

                                            I heard there are certain exceptions that can be taken if say you are under 25, or if you earn less then 10,000 dollars.

                                            I dont even want to do expenses for my site...it doesnt make that much money anyway.

                                            Plus the irs says I owe them about 100 bucks (not alot to most of you,but alot to me)

                                            Comment

                                            • I Like Chocolate
                                              Confirmed User
                                              • Dec 2004
                                              • 821

                                              #23
                                              this is a good thread...bump

                                              Comment

                                              • Sosa
                                                In Tushy Land
                                                • Oct 2002
                                                • 40149

                                                #24
                                                I got a question regarding CCBill and Ibill chargbacks/refunds. If they happen a month or two down the road, after you were already paid for the signup/rebill, don't they just take it out of your current check? If so, how can you write that off still?

                                                Just wondering if I can still write off all my chargebacks/refunds.

                                                Comment

                                                • azguy
                                                  Confirmed User
                                                  • Nov 2004
                                                  • 5167

                                                  #25
                                                  LOL nice post

                                                  Comment

                                                  • Keev
                                                    Confirmed User
                                                    • May 2001
                                                    • 5335

                                                    #26
                                                    ebay listing fee's
                                                    ebay tools & services
                                                    business related reading materials (newspapers, magazines etc)
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                                                    Comment

                                                    • nofx
                                                      Too lazy to set a custom title
                                                      • Nov 2002
                                                      • 16826

                                                      #27
                                                      bump for a good read

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                                                      There's love and hate, theres live or die.
                                                      When sickness comes I must decide:
                                                      When feelings go, theres suicide.

                                                      Comment

                                                      • Keev
                                                        Confirmed User
                                                        • May 2001
                                                        • 5335

                                                        #28
                                                        Bump Tax Times getting closer.... Prepare to get raped ... AGAIN!
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                                                        Comment

                                                        • Keev
                                                          Confirmed User
                                                          • May 2001
                                                          • 5335

                                                          #29
                                                          bump
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                                                          Comment

                                                          • rowan
                                                            Too lazy to set a custom title
                                                            • Mar 2002
                                                            • 17393

                                                            #30
                                                            I have to do returns each quarter, my business affairs are fairly simple so I just use my CC statement as a summary, then look to invoices if I need further details on that transaction. Most of the entries on the CC statement are obvious anyway, eg fixed $ per month for servers, or $10 for a domain name reg etc.

                                                            Comment

                                                            • hydro
                                                              Confirmed User
                                                              • Dec 2003
                                                              • 4216

                                                              #31
                                                              i wonder if i could writeoff darkmailer, aol mailers, proxies, and billing lists

                                                              Comment

                                                              • TheSenator
                                                                Too lazy to set a custom title
                                                                • Feb 2003
                                                                • 13330

                                                                #32
                                                                bump bump for last minute filers
                                                                ISeekGirls.com since 2005

                                                                Comment

                                                                • LauraLee
                                                                  Confirmed User
                                                                  • Sep 2003
                                                                  • 3821

                                                                  #33
                                                                  bump for a thread that is actually dropping some knowledge!!

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                                                                  • axelcat
                                                                    Adult Locals
                                                                    • Jun 2002
                                                                    • 25450

                                                                    #34
                                                                    Originally posted by mal
                                                                    dont fuck with the IRS

                                                                    Comment

                                                                    • TheSenator
                                                                      Too lazy to set a custom title
                                                                      • Feb 2003
                                                                      • 13330

                                                                      #35
                                                                      AMEX is cool ....... I just downloaded all my expenses into a pie chart.
                                                                      ISeekGirls.com since 2005

                                                                      Comment

                                                                      • warlock5
                                                                        Confirmed User
                                                                        • Jan 2004
                                                                        • 2808

                                                                        #36
                                                                        I hear some webmasters are writing off boxes of tissue... lots of them.

                                                                        Comment

                                                                        • BVF
                                                                          Black Vagina Finder
                                                                          • Jan 2002
                                                                          • 13975

                                                                          #37
                                                                          You deduct ccbill fees? I just go by my NET income after ccbill fees.

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                                                                          Comment

                                                                          • The Heron
                                                                            Confirmed User
                                                                            • Apr 2001
                                                                            • 4496

                                                                            #38
                                                                            Originally posted by BVF
                                                                            You deduct ccbill fees? I just go by my NET income after ccbill fees.
                                                                            That'd be what I do as well since it equals out to the same thing

                                                                            Comment

                                                                            • Keev
                                                                              Confirmed User
                                                                              • May 2001
                                                                              • 5335

                                                                              #39
                                                                              12 days!!
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                                                                              Comment

                                                                              • tony299
                                                                                lurker
                                                                                • Aug 2002
                                                                                • 57021

                                                                                #40
                                                                                I was told by my accountant you cant write off processors fees, charge backs , etc because it not is income you have gotten or a cost you wrote a check for.

                                                                                Comment

                                                                                • Sosa
                                                                                  In Tushy Land
                                                                                  • Oct 2002
                                                                                  • 40149

                                                                                  #41
                                                                                  the processor fees suck ass for affiliates atleast.

                                                                                  Comment

                                                                                  • Keev
                                                                                    Confirmed User
                                                                                    • May 2001
                                                                                    • 5335

                                                                                    #42
                                                                                    makes sense...

                                                                                    I guess it would depend if you counted your gross or net income took in from ccbill....

                                                                                    Also the reserves can be an issue since you have not recieved it yet.
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                                                                                    Comment

                                                                                    • smack
                                                                                      Push Porn Like Weight.
                                                                                      • Mar 2002
                                                                                      • 10652

                                                                                      #43
                                                                                      even with all my write offs i'm getting gouged this year
                                                                                      Cry havoc and let slip the dogs of war.

                                                                                      Comment

                                                                                      • V_RocKs
                                                                                        Damn Right I Kiss Ass!
                                                                                        • Nov 2003
                                                                                        • 32448

                                                                                        #44
                                                                                        Originally posted by Babagirls
                                                                                        cool, im bookmarking this thread. i didnt print out recipets from online software that i bought last year, didnt know that was tax deductable. looks like i should be gettin a nice chunk of change back this year (hopefully).

                                                                                        nice thread!
                                                                                        You didn't know it was deductable? Damn.... 99% of anything you've payed for to run your business is deductable.

                                                                                        Comment

                                                                                        • Keev
                                                                                          Confirmed User
                                                                                          • May 2001
                                                                                          • 5335

                                                                                          #45
                                                                                          remember some things you can't just write off and must be depreciated over x amount of years....
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                                                                                          Comment

                                                                                          • jayeff
                                                                                            Confirmed User
                                                                                            • May 2001
                                                                                            • 2944

                                                                                            #46
                                                                                            I have to go along with those who pointed out that claiming expenses for a home office raises red flags and other issues. The potential saving is rarely worth the potential hassles of audits and additional accounting when you move.

                                                                                            I started working life as an accountant. Although that was many years ago, one piece of advice which still holds good is never to try to gouge the tax man. You hear/read about lots of people who have done this or that and "got away with it" for years. That isn't surprising since unless you set alarm bells ringing, most years your returns are signed off on with barely a look. But your turn will come and with penalties and interest, allowances you never should have claimed will come back and bite you in a big way.

                                                                                            If you are making any kind of money, unless you really know what you are doing, hiring a good accountant - not one of the Main Street book-keeping shops - is an excellent investment. In fact, if you plan on making money, finding a good accountant should be a priority right up there with buying a computer, software, content, etc. Don't wait until it's time to do your returns.

                                                                                            Apart from the tax angle and maximising legitimate tax avoidance, properly kept accounts are a good tool for your business; vital if you ever want to sell part or all of it; and make it much easier to get credit, mortgages, etc.

                                                                                            Comment

                                                                                            • infectd
                                                                                              Confirmed User
                                                                                              • Dec 2002
                                                                                              • 1122

                                                                                              #47
                                                                                              Yeah good thread!

                                                                                              Comment

                                                                                              • bdld
                                                                                                $100,000
                                                                                                • Dec 2001
                                                                                                • 11452

                                                                                                #48
                                                                                                pay your taxes and you'll sleep well at night

                                                                                                Comment

                                                                                                • woj
                                                                                                  <&(©¿©)&>
                                                                                                  • Jul 2002
                                                                                                  • 47880

                                                                                                  #49
                                                                                                  nice list, bookmarked
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                                                                                                  • beemk
                                                                                                    CLICK HERE
                                                                                                    • Jan 2002
                                                                                                    • 20829

                                                                                                    #50
                                                                                                    bump, good thread
                                                                                                    I host with Vacares

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