2005 Tax Writeoff Resource Thread

[Juicy D. Links]

50............

[pxxx]

That is a nice post.

[Babagirls]

im bumping this for 2006
helped me get a few dollars last year ;)

[CC]

Good post to bump The only other thing I can think of to add to the list is filing fees (my state requires a couple).

[Walrus]

(Advertising
PPC)
Web sites
Hosting
ISP
Domains
Book(s)
Software

I think that's about all I can claim. Very nice topic, thanks.

[Myst]

wtf people actually pay their taxes?

[Morgan]

i pay enough taxes to feed many small countries

[betsy]

ah i was just looking for this thread. bump for sticking it to the tax man!

[TheSenator]

I am so last minute when it comes to taxes....

This list is a lifesaver again.

[Downtime]

thread of the year! thanks man!

[jackie1]

I always wondered how can a webmaster who works from home and never goes anywhere (this is me) write off "Car Payment" as stated on this list? How would someone justify this? Being a webmaster that works from home I just sit in front of my pc.

As for phone, I don't think I've ever talked to another webmaster on phone, I can't write that off. I use it more for personal...

[jackie1]

Also, is it not good to go by your bank statements for income? Cause then checks deposited in december from last yr are counted in January's statement?

Also, just out of curiosity, who does their own taxes and who goes to a cpa, and does it make a huge difference?

[BigCashCrew]

Jovan, I'm glad you bumped this thread.
I'm jotting all of this down now to take to my accountant tomorrow.

[pornguy]

Great post, but you should have said that they should have the Docs to prove the deduction.

[Vitasoy]

This thread simply rocks.

[Kevin - The PNN]

If anyone has questions - ICQ me.

I have a MBA in Finance and qualify for the CPA exam. Porn is more fun than taxes and finance. I should be able to answer most of your questions, depending on what circuit court you operate. If I cannot answer, I will point you in the right direction to get the right answers.

ICQ: 306431402
E-Mail: [email protected]

[Kevin - The PNN]

Originally Posted by jayeff

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.

You make a few good points. But if you keep good records - who cares about an audit. FUCK the IRS. I have been audited in the psst - and won. Keep good records, take all the deductions that you can, and do not worry about an audit. Some say - the IRS will find something if they audit you - not if you do not cheat and keep good records.

Also, it is to late for 2005; but set up the right biz entity. You should be a C-corp, S-corp, or LLC. Most should be a S-Corp or an LLC. If you have one ower, LLC is best. If more than one owner, LLC an elect to be treated as a Sub S-Corp or set up and S-Corp. Also, Incorp in the biz friendly State. NV is the best State to Inc. in for internet biz. Also, look at the State income tax rate - you will want to concider this.

[Kevin - The PNN]

Originally Posted by jayeff

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.

Sorry - I had to fix a few spelling errors

You make a few good points, however, if you keep good records - who cares about an audit. FUCK the IRS. I have been audited in the past - and won. Keep good records, take all the deductions that you can, and do not worry about an audit. Some say - the IRS will find something if they audit you - not if you do not cheat and keep good records.

In addition, it is too late for 2005; but set up the right biz entity. You should run your business as a C-corporation, S-corporation, or LLC. Most should be an S-Corp or an LLC. If you have one owner, LLC is best. If you have more than one owner, go with LLC an elect to be treated as a Sub S-Corp or set up and S-Corp. For most, it is not in your best interest, in this business, to be a C-Corporation. Also, incorporate in the biz friendly State. NV is the best State to incorporate in the internet and porn biz. Also, look at the State?s income tax rate - you will want to consider this.

[gecko]

This thread rocks.

[Keev]

Last minute atx people this bump is for you!