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Posted on 1/13/14 at 12:34 pm
Posted on 1/13/14 at 12:34 pm
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This post was edited on 6/11/15 at 8:27 am
Posted on 1/13/14 at 12:43 pm to tdavi48
if you were to open an accounting business I would hope you would already know the answer to this question
Do you understand what it means to write something off? I am being serious, most people dont
Do you understand what it means to write something off? I am being serious, most people dont
Posted on 1/13/14 at 1:43 pm to tdavi48
This depends on the type of business and what expenses you may have. It also depends on your level of honesty. Here's a little example:
Say you want to buy a golf cart and need a trailer to bring it to and from the golf course. You already have a truck that you're in the 2nd year of a 5 year loan. At this point, you don't have any way to write off any of this, so you try to figure out a way to come up with a business that would use the trailer. Maybe you can help people move, or a delivery service. Boom, the trailer is now deductible. Also, mileage on your truck is deductible. Also, a percentage of the interest on your truck loan becomes deductible. Your customers need a way to get in touch with you, so your cell phone is now deductible. Advertise on craigslist? Well then your internet service becomes deductible.
As for the honesty part, you need to estimate what percentage of the time you use those items for personal use vs. business use. If you're going to the golf course 4 or 5 times a month and only using the trailer for business purposes once a month, then you're not going to be able to write-off the full amount of the trailer.
Say you want to buy a golf cart and need a trailer to bring it to and from the golf course. You already have a truck that you're in the 2nd year of a 5 year loan. At this point, you don't have any way to write off any of this, so you try to figure out a way to come up with a business that would use the trailer. Maybe you can help people move, or a delivery service. Boom, the trailer is now deductible. Also, mileage on your truck is deductible. Also, a percentage of the interest on your truck loan becomes deductible. Your customers need a way to get in touch with you, so your cell phone is now deductible. Advertise on craigslist? Well then your internet service becomes deductible.
As for the honesty part, you need to estimate what percentage of the time you use those items for personal use vs. business use. If you're going to the golf course 4 or 5 times a month and only using the trailer for business purposes once a month, then you're not going to be able to write-off the full amount of the trailer.
Posted on 1/13/14 at 3:01 pm to tdavi48
I don't write much off the top line.
Just legit business expenses.
You can write off some gifts your business gives for good client relations, but you cannot write off golf membershps and the like.
Your chances of being audited go up with a small business especially if you try to write off your whole life.
You can take a 1500 dollar home office deduction, but you have to have dedicated space. No other purpose for the room. No TV, No beds. No hobbies.
Just legit business expenses.
You can write off some gifts your business gives for good client relations, but you cannot write off golf membershps and the like.
Your chances of being audited go up with a small business especially if you try to write off your whole life.
You can take a 1500 dollar home office deduction, but you have to have dedicated space. No other purpose for the room. No TV, No beds. No hobbies.
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