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Tax deduction recommendations?
Posted on 2/13/12 at 11:03 am
Posted on 2/13/12 at 11:03 am
I am an independent contractor who has an office in my house and a personal car and phone I use for work. What am I allowed to deduct and can anyone suggest any other dual use items I might be be missing?
2
Posted on 2/13/12 at 11:38 am to CC
I assume you are already deducting the electricity/heating percentages for the office portion of the house.
We deducted a percentage of our internet services as well as phone.
We deducted a percentage of our internet services as well as phone.
Posted on 2/13/12 at 11:39 am to CC
If your car isn't paid for, the percentage that you used your car for work, that amount of interest can be deducted.
Any non-billable miles (trips to office depot, post office, etc) can be written off.
As an independent contractor, I'm going to try and write off at least 1 dinner per month.
Any non-billable miles (trips to office depot, post office, etc) can be written off.
As an independent contractor, I'm going to try and write off at least 1 dinner per month.
Posted on 2/13/12 at 2:02 pm to LSUGUMBO
you either use actual expenses or standard mileage rate. not both.
Posted on 2/13/12 at 2:10 pm to LSUGUMBO
quote:
As an independent contractor, I'm going to try and write off at least 1 dinner per month.
If I eat somewhere other than my house it's on the company, not hard to write a bullshite note on the receipt to make it legit.
Posted on 2/13/12 at 2:49 pm to simonizer
quote:
you either use actual expenses or standard mileage rate. not both.
Not the actual vehicle expenses, only the interest you paid on the loan (assuming it's not paid off).
I did this the last three years, but paid my car off, so it doesn't help me any more.
Posted on 2/14/12 at 9:41 am to LSUGUMBO
My car was paid off in April. Can I write off depreciation of value instead or should I just take milage?
Posted on 2/14/12 at 11:31 am to yellowfin
quote:
If I eat somewhere other than my house it's on the company, not hard to write a bullshite note on the receipt to make it legit.
Doesn't there have to be another person at the meal to conduct that business purpose? You didn't necessarily have to pay for any other persons' meals, but someone else should have been present.
ETA: This is a hint about how to write the bullshite note.
This post was edited on 2/14/12 at 11:33 am
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