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re: To deduct or not to deduct, that is the question.

Posted on 12/15/15 at 12:03 pm to
Posted by Napoleon
Kenna
Member since Dec 2007
69383 posts
Posted on 12/15/15 at 12:03 pm to
there's no fraud, the tax returns I would give them would be the same ones I send the IRS.

I'm talking about not deducting vehicle expenses, not deducting the $1200 I spent on the convention this year, not deducting my charitable donations, not deducting the cell phone bill, not deducting credit card processing fees and that kind of stuff. The things some people even forget to deduct. I'm going to claim expenses, I'm in a service repair field and a lot of expenses are parts. I have to claim that.

It's just in the past I did all the forms myself believing I knew enough to do it all right, last year I used Turbotax and it got me a lot more in deductions.
which in turn made my net income decline.

Posted by VABuckeye
Naples, FL
Member since Dec 2007
35685 posts
Posted on 12/15/15 at 12:23 pm to
quote:

I'm in a service repair field and a lot of expenses are parts. I have to claim that.


Parts aren't a deduction. That's cost of goods sold. That is something you could never get back as income. Perhaps I misinterpreted the intent of the statement above.

P.S. I'm glad your business is doing well. This hasn't been our best year but it has forced us outside our comfort zone and we'll benefit in the coming years because of it.
This post was edited on 12/15/15 at 12:25 pm
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