Never do this. My CPA told me "buy a new car if you had a great year AND need one." I ignored her and bought a new one every 3 years because I'm a dummy.

You'll get to deduct mileage which is $0.55/mi or somewhere around there. You can make a killing if your vehicle is paid off AND reliable.

quote:
What do I need to do as far as tax purposes come for next year?

The most important thing is to keep good records. I set up a separate email where I could email pictures of work-related receipts, bills, invoices, etc. I would write a detailed subject line ie "New Tires receipt...". It was helpful when I started organizing my expenses for the year. Trust me: you'll forget about that $600 printer you had to buy in February unless you keep good records.

If you can save enough to pay quarterly, you're doing better than most.

This post was edited on 6/19/17 at 4:52 pm

1 ...

Report Post

Posted by baldona

Florida

Member since Feb 2016

20561 posts

Posted on 6/19/17 at 4:58 pm to GaryMyMan

Seriously please do this, it will make your life SOOOOO much easier.

Open a new bank account, pay for everything with your job through it. Keep your receipts, just put them in a ziploc. preferably a new ziploc for every month. Feel free to organize it far better than that, but if you do just that it will save you $500 on taxes and make your life a HELL of a lot easier.

But seriously, new bank account pay for any and all business expenses with it.

ETA: There's no such thing as a "write off". There is depreciation, and then there is business expenses. You still have to buy that printer, but you may get to buy it as a business expense which is pre-tax. Which as said will be somewhere between 30-40% if not more depending on what you make.

This post was edited on 6/19/17 at 5:01 pm

0 ...

Report Post

Money Talk - Replies to Post

Return To Board

Page 1

Return To Board