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Started By
Message
Tax Deductions
Posted on 1/6/14 at 1:06 pm
Posted on 1/6/14 at 1:06 pm
Looking to get an early start on my taxes for 2013. Have a few "life events" this year that may complicate things a little more than I'm used to.
I got married a few months ago and also became an independent contractor working part time as a sole proprietor. I own a house and still work full time for a large corporation. I also have 1 room in my house set up as a home office.
Looking for advice from anyone who has gone through these things before.
1)Should wife and I file separately or jointly?
2)Planning on deducting the following expenses: Mortgage tax, Mortgage interest, Portion of business expenses from home office, business meals, business mileage, charitable donations. Any others that I should consider?
TIA
I got married a few months ago and also became an independent contractor working part time as a sole proprietor. I own a house and still work full time for a large corporation. I also have 1 room in my house set up as a home office.
Looking for advice from anyone who has gone through these things before.
1)Should wife and I file separately or jointly?
2)Planning on deducting the following expenses: Mortgage tax, Mortgage interest, Portion of business expenses from home office, business meals, business mileage, charitable donations. Any others that I should consider?
TIA
5
Posted on 1/6/14 at 1:15 pm to Neil Caffrey
quote:
Neil Caffrey
quote:
Have a few "life events" this year that may complicate things a little more than I'm used to
Like how to account for the priceless artwork and rare gold coins in your possession?
P.S. File jointly
Posted on 1/6/14 at 1:22 pm to Neil Caffrey
quote:
jointly?
More often than not, yes. Can't say with 100% certainly based on the info provided, though.
Make sure you pay attention to home office rules.
Give Publication 529 a looksie as well.
Posted on 1/6/14 at 1:31 pm to Neil Caffrey
Is the house in your name, hers, or both?
Posted on 1/6/14 at 1:48 pm to Neil Caffrey
File Jointly.
Look up the simplified method for your home office deduction. It allows you to deduct 300 sf at $5/sqft. Unless you have a lot of home office expenses, this method will be easier and you wont have to recapture depreciation when you sell your house.
Look up the simplified method for your home office deduction. It allows you to deduct 300 sf at $5/sqft. Unless you have a lot of home office expenses, this method will be easier and you wont have to recapture depreciation when you sell your house.
Posted on 1/6/14 at 1:50 pm to detective barnaby
quote:
Is the house in your name, hers, or both?
House is in my name.
Posted on 1/6/14 at 5:54 pm to Neil Caffrey
Self-employed health insurance paid when you were a subcontractor. Deduct on Page 1 of the Form 1040. You can do this if you have Schedule C profits.
Posted on 1/6/14 at 6:47 pm to Neil Caffrey
start a solo 401K.
Mine is with Fidelity.
Check with TD Ameritrade as well.
Good luck
Mine is with Fidelity.
Check with TD Ameritrade as well.
Good luck
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