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

awesome fucking post. :thumbsup

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!

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.

I will follow this post this year

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

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.

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

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!

whys that?

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

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

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

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.

kieep them coming people i am sure there are more

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

where ya located ?

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

off to vegas!

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)

this is a good thread...bump

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.

LOL nice post :)

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

bump for a good read

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

:pimp bump

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.

i wonder if i could writeoff darkmailer, aol mailers, proxies, and billing lists :Graucho

bump bump for last minute filers

bump for a thread that is actually dropping some knowledge!! :thumbsup

dont fuck with the IRS

AMEX is cool ....... I just downloaded all my expenses into a pie chart.

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

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 :thumbsup

12 days!!

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.

the processor fees suck ass for affiliates atleast.

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.

even with all my write offs i'm getting gouged this year :mad:

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

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

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.

Yeah good thread!

pay your taxes and you'll sleep well at night

nice list, bookmarked :thumbsup

bump, good thread