What are you writing off for Taxes this year?

[P-K]

Its that time of the year again, and I'm wondering what kind of things everybody is writing off on their taxes if you are running your own "business".

What kind of business expenses will you write off, and what else can be written off that some may forget about when filling out tax forms?

Anyone got any suggestions?

[jo3]

i'm writing off my last hooker. that's for sure.

[Kassidy]

As much as possible ;)

[FuqALot]

Dude get an accountant and let him worry about that. Mine is a specialist in not paying taxes. And if the IRS notices you have a reputable accountant they won't investigate all your stuff that fast (but ofcourse that's not needed since you are already paying taxes hehe)

[Tom_PM]

Home office space, internet connection, server fees, advertising fees etc etc. The normal mumbo jumbo boring stuff. I'd deduct for travel to deposit checks too, but it's only about 1/4 of a mile to my bank.
I wonder if wire fees are deductable? Never thought of it.

[P-K]

are you guys familiar with how to deduct car use for business? Lets say i use my car for 50% business, 50% personal... the car cost me 22k, any thoughts what can be done with that?

[Downtime]

Office desk, chair, new laptop, alienware computer, new monitor, a bunch of video games/dvds/cds for reviews, and that's about it as what I can pull from the top of my head.

[Theo]

everything you can imagine

[stev0]

i'm going to write off my un-used cell phone minutes this year... basically anything that wasn't a personal call is "reserved for business emergencies".

Internet connection, home phone, home office, basically anything I can. I got audited last year and the revenue canada bastards sent me a big ass bill, now it's my turn to get a little greedy.

[jscott]

cell, gas, office supplies, computer equipment, % of power bill, flights, hotels all i can think of now

[G-Rotica]

Can I write off my new dog? He is the company mascot.

[Tom_PM]

Originally Posted by G-Rotica

Can I write off my new dog? He is the company mascot.

You might need to shave the company name in his fur
hehe

[justsexxx]

As much as legally possible. Just goto an accountant. Worth the money IMO

[Kassidy]

Originally Posted by P-K

are you guys familiar with how to deduct car use for business? Lets say i use my car for 50% business, 50% personal... the car cost me 22k, any thoughts what can be done with that?

I pay my accountant to figure that stuff out.

[sfera]

everything i possibly can

[After Shock Media]

Originally Posted by P-K

are you guys familiar with how to deduct car use for business? Lets say i use my car for 50% business, 50% personal... the car cost me 22k, any thoughts what can be done with that?

Well hopefully you kept a detailed mileage log book in your car at all times.
Mileage book should also state all service, repairs, gas expenses, tolls, parking fees, etc. Typically you would just chart down all business mileage and ignore personal mileage. Yet record all service fees, repairs, gas expenses, tolls, parking fees, and so on.
This will give you documented proof of what percentage your vehicle was used business wise.

[Herb Kornfield]

Whatever the Accountant can squeak by....

Started using Quicken 2 years ago to track biz + Personal cash flows, the reports on there are amazing that you really track whats up where with who and how.

I can also provide detailed reports to my accountant to review for flows come tax time. I highly recommend the Quicken ware.

[DWB]

Originally Posted by Soul_Rebel

everything you can imagine

and then some.........

When I have business meetings at an establishment where girls are under the table blowing us during the meeting, my accounting gets so pissy about this.

[Raven]

Originally Posted by jo3

i'm writing off my last hooker. that's for sure.

I'm also writing off your last hooker. ;)

I also write off my leased car, my office space, office supplies and anything my accountant tells me I can write off, right down to the coffee filters I use and the toilet paper I buy.

There are so many things a corporation can write off...gotta love 'em.

Hardware
Software
Domain Purchases
Computers - New ones and depreciation of older ones
processing fees
Research and development - hell, test joining a site is a write off
All kinds of supplies.
Cell phone
Office Phone
ISP
Hosting
Entertainment, like Jo3's hooker
Travel
Hotels
Business gifts

And more.

[WME]

I hope my dad can write off his mistress

[MattO]

All I know is I'm fucked.

[Sosa]

def get a good accountant. I got a new one 3 months ago and started going over things then. Tomorrow I get everythign back since I just gave them personal w2's today. Gotta pay in since my estimated payments didn't cover everything. If you are incorporated you can get some good deductions.

[Theo]

i know a guy that writes off supplies for his dog lol

[Centurion]

This has been passed down for years now on gfy..enjoy!
-------------------------------------
Scripts (ucj, pennywize,tm3, comus, etc)
Software (dreamweaver, photoshop, thumbsplus, etc)
Hosting, Colocation, Bandwidth Expenses
Content Purchases
Models ( Clothing, Travel expenses related to her getting to the shoot.)
Camera / Photo Equipment
Domains
Programmers / Hired Help
Interest On Business Credit Cards
Car Payment (based on percentage used for business)
Office Rent or % Of House Payment if work from home.
ISP Service (DSL, Cable,DialUp)
Computer Equip. monitor, Servers, Routers, video, sound, capture cards, networking equipment, ink)
TV, VCR, DVD player, Xbox (research and development or hell Break room decor and equip)
Office Equipment (paper, pens, furniture,fax, phone, chairs, desks,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 & stolen merchandise / inventory
Purchase of new web properties (websites, domains, etc)
Legal Expenses
Business attire (pimp suits, hawaiian shirts, sandals)
Business Lunches / Dinners(strip clubs, etc) gotta entertain the business partners
Business Entertainment expenses ( you can fill in the blanks )
Hotels
Merhant Account Fee's and service charges
Authorize.net / itransact etc monthly service
Postage / Shipping / Packaging
Phone Bill (office, cell, etc)
Gas
business insurance
car insurance (based on % used for business)
car maintence (on a % as well?)
travel expenses (airfare)
designers (design jobs, banners, tgp templates)
VEGAS PERIOD!
Visa Registration
Accountant Fee's Service Charges
Office Housekeeping :-)
Business License
Corp Reg Fee's & Renewals
Resellers Permit
Laser Eye Surgery (relates to our work)
Prescriptions drugs, medicine
Jury Duty Fee's (meal, trans)
Safety Deposit Box / PO Box
Standard Mileage write off
Real Estate Tax (% if home based)
Car Tax
Income Tax
Donations
A
ny out of pocket expenses for chariable work.... ie For example I donate my thanksgiving mornings working and feeding the needy prep food, tables, set up huge tents and etc)
- gas
- any clothing for that
- equip bought for it

[Raven]

Believe it or not, my accountant writes off my trainer and gym dues as stress relief.

[justsexxx]

Originally Posted by Raven

Believe it or not, my accountant writes off my trainer and gym dues as stress relief.

When me, quashe and tommy cool, used to have one company together, our acountant did the same. He called gym 'teambuilding'

Andre

[Kevin - The PNN]

Originally Posted by Raven

Believe it or not, my accountant writes off my trainer and gym dues as stress relief.

You can do this - get a doctors note and it is legal

[Kevin - The PNN]

For the past 9 years - I paid between 4.5% to 7.5% in Federal Tax. Document everything; you would be surprised what you can expense. This year - I think I will set a new record low in Fed Tax. I have a MBA in finance and qualify for the CPA exam. I use the skills learned.

If anyone has any tax questions - ICQ me.

[Kevin - The PNN]

Here is a good thing to know.

Mileage: increased to 48.5 cents a mile for all business miles driven between Sept. 1 and Dec. 31, 2005. This is an increase of 8 cents from the 40.5 cent rate in effect for the first eight months of 2005, as set forth in Rev. Proc. 2004-64.


http://www.irs.gov/newsroom/article/...147423,00.html