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re: .....
Posted on 1/13/14 at 1:43 pm to tdavi48
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.
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