Tax Deductions

[DAGTA]

I'm self-employed and every year I try to learn more deductions I can take to save a bit more on the tax bill. I propose we use this thread as a central repository for tax deductions. I will update the first post with a list of deductions from this thread. Please be very detailed when you state a deduction (how it applies, who can take it, rules, etc). Also, keep it LEGAL! I don't mind walking the line to save as much money as possible so long as I'm a hair on the side of legal.

Thanks!
-DAGTA

The List:

- Vehicle Mileage (rate per mile unknown at this time)
- Health Insurance (if self-employed)
- Business Equipment (computers, phones, etc)
- Buisness Utilities (Electric, phone, ISP, water, etc)
- Investments (this can be expanded quite a bit. Ex: IRA, 401K, etc)
- Student Loan Interest
- Lease space (rent for business space)
- Business Software
- Business supplies (paper, ink, pens, CDs, etc)
- Depreciation (another area that can be expanded in detail with many rules)

 

[VirginiaDonkey]

Utilities are not deductable for the vast majority. Businesses maybe, not average citizen.

 

[blurredvision]

There's a member here (member CPA I think?, only makes sense really) who posts a tax thread every year in order to help out others with questions. You may want to wait for his thread, or you may get more info from him for your thread here 🙂. Good luck.

 

[KarenMarie]

personally... i think everyone who DOESNT have kids should be able to take extra deductions cause they dont use school and produce less garbage.

😉

 

[Taggart]

Originally posted by: KarenMarie
personally... i think everyone who DOESNT have kids should be able to take extra deductions cause they dont use school and produce less garbage.

😉

And if you have an IRA or 401k you shouldn't have to pay into SS!!!!:|

 

[DAGTA]

Originally posted by: KarenMarie
personally... i think everyone who DOESNT have kids should be able to take extra deductions cause they dont use school and produce less garbage.

😉

I agree, but I'm really surprised to hear that from a mother. I suggested that on my own forums last year and several parents started yelling at me about how expensive kids are and how much they need the breaks. My response: "If you aren't financially ready for kids then don't have them. Why should I have to pay for your kids because you decided to have them?"

 

[mugs]

Originally posted by: KarenMarie
personally... i think everyone who DOESNT have kids should be able to take extra deductions cause they dont use school and produce less garbage.

😉

Then they might as well just start charging tuition for public school and make it optional

And while we're at it, people who aren't on welfare should get a deduction because they don't use welfare. 😉 People who don't go to parks... and so on and so on.