Tax Write Offs

[IceBergSLiM]

Some deductions I thought of:

Internet Access
Computer Hardware/Software

What else is elligible for a write off?

 

[jhayx7]

Illegal Immigrants

 

[mzkhadir]

there is a tax thread, this thread will get locked.

 

[KillyKillall]

Take a look at a schedule C on www.irs.gov.

 

[Jeeebus]

I'd write off my time browsing the stickied tax thread, rather than making threads that are gonna be locked. But that's just me.

 

[novasatori]

proportion of property tax
proportion of utilities (electric and internet)

 

[Qwest]

Jerry : So were going to make the Post Office pay for my new stereo ?
Kramer : It's just a write off for them .
Jerry : How is it a write off ?
Kramer : They just write it off .
Jerry : Write it off what ?
Kramer : Jerry all these big companies they write off everything
Jerry : You don't even know what a write off is .
Kramer : Do you ?
Jerry : No . I don't .
Kramer : But they do and they are the ones writing it off .

 

[Mermaidman]

A proportion of expenses to maintain the property, such as lawncare, is deductible too.

 

[imported_weadjust]

Depreciation. I have been self emoployed working from my home for 7 years.

My accountant advises that the home office deduction is not worth the hassel and the audit.

 

[IceBergSLiM]

Originally posted by: weadjust
Depreciation. I have been self emoployed working from my home for 7 years.

My accountant advises that the home office deduction is not worth the hassel and the audit.

Thaat sounds like your accountant is being lazy to me.

 

[IceBergSLiM]

Originally posted by: novasatori
proportion of property tax
proportion of utilities (electric and internet)

As a home owner I thought you could already write off your property tax? I don't think you would write it off twice that would set up a flag.

 

[Fern]

Originally posted by: IcebergSlim

Originally posted by: weadjust
Depreciation. I have been self emoployed working from my home for 7 years.

My accountant advises that the home office deduction is not worth the hassel and the audit.

Thaat sounds like your accountant is being lazy to me.

No, I'm a CPA and consider taht reasonable advice. By taking depreciation on a home you own, you turn an otherwise completely tax-free home sale into one which is partially taxable.

Not really worth it IMHO. Ifyou rent the home and otherwise qualify, yes. If you own it, no

Fern

 

[richardycc]

Originally posted by: IcebergSlim

Originally posted by: novasatori
proportion of property tax
proportion of utilities (electric and internet)

As a home owner I thought you could already write off your property tax? I don't think you would write it off twice that would set up a flag.

I think he meant to say portion of the mortgage?

 

[Fern]

Originally posted by: richardycc

Originally posted by: IcebergSlim

Originally posted by: novasatori
proportion of property tax
proportion of utilities (electric and internet)

As a home owner I thought you could already write off your property tax? I don't think you would write it off twice that would set up a flag.

I think he meant to say portion of the mortgage?

Correct, property tax is deductible on schedule A for those that itemize. The benefit to putting a portion of it on Scedule C is (1) is you don't itemize, you'll get at least a piece of it as a deduction on Sch C, and more importantly (2) by deducting it on Sch C is counts twice, once for a deduction in income tax and secondly as a deduction for SS or self employment tax.

Fern

 

[MikeyIs4Dcats]

as others have said, even claiming a home office is asking for scrutiny because so many deduct WAY more than is legal.

 

[novasatori]

Originally posted by: richardycc

Originally posted by: IcebergSlim

Originally posted by: novasatori
proportion of property tax
proportion of utilities (electric and internet)

As a home owner I thought you could already write off your property tax? I don't think you would write it off twice that would set up a flag.

I think he meant to say portion of the mortgage?

yes, i'm an idiot 🙁

 

[amish]

Originally posted by: IcebergSlim

Originally posted by: weadjust
Depreciation. I have been self emoployed working from my home for 7 years.

My accountant advises that the home office deduction is not worth the hassel and the audit.

Thaat sounds like your accountant is being lazy to me.

the accountant is right, the home office deduction raises an immediate red flag with the IRS. most of the time 2% of a persons AGI will kill the deduction anyway.