I am a notary loan signing agent, and am buying a new computer, but I was curious if I can use it as a tax write off. It will be for both personal and business use, that is why I am not sure if I can, legally. Thanks for any serious answers!!!
2006-11-24 01:56:55 · 7 answers · asked by babygirl 2 in Business & Finance ➔ Taxes ➔ United States
Determine what % of the time you will use the computer for business. That is the % you can write off your taxes. Of course that % is open to interpretation by you so be generous with yourself.
2006-11-24 02:24:04 · answer #1 · answered by Anonymous · 1⤊ 0⤋
The fact that you are also using it for personal use probably will eliminate the benefit. Check with an accountant b/c you still may be able to get around that; however, had it been solely used for your business, you most definitely could've written it off. I also think a number of other factors may need to be looked into as well, whether the computer is in a home office (busines), whether the children (if any) will be using it and of course the personal use. If it's an office you could probably get away with it. the IRS is not coming to your house to see if the kids are doing homework or research on-line. If it's in a kid's bedroom or another room that's used by other family members, it's much more difficult to get that deduction. Again best advice would be talk to an accountant and have them explain the many options and deductions that you can take b/c you may be missing out on a few that you don't know about. Good luck.
2006-11-24 02:08:35 · answer #2 · answered by HJ 2 · 1⤊ 1⤋
You can, indeed, write it off by depreciating it over a number of years. You may even be able to take all the depreciation (restricted by the private use) in the first year. However, for this to have any benefit you would have to use the computer at least 50% for business throughout its life.
Remember computer supplies as well - paper and toner. Good record-keeping is essential. If you can keep good records, you might consider engaging a CPA or Enrolled Agent. We love the clients who bring us good records and accurate explanations. It means we can do the job quickly and, because CPA's generally charge by the hour, cheaply.
2006-11-24 03:15:28 · answer #3 · answered by skip 6 · 1⤊ 0⤋
You can consider items "ordinary and necessary" for the work that you do. Personal expenses such as food, charity donations, cell phone, internet bill, clothes, commuting, are NOT deductible. Long distance calls are deductible if you are billed extra for them. The computer is potentially deductible, but you need to show that what percentage of the time it's used for business. (If you have a second pc that helps.)
2016-03-29 07:29:40 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You can deduct the percent that you use it in business.
If it is expensive you will have to depreciate the computer -which means recover your cost over the expected life of the computer which is about 5 years @ the percent its used in business.
2006-11-24 04:06:23 · answer #5 · answered by goldenboyblue 3 · 0⤊ 0⤋
Yes if you are using it for any business purposes at all you can write that off and any taxes you have paid on anything throughout the year minus alcohol and tobacco. you can visit my site www.shaydzoluv.com
2006-11-26 10:17:08 · answer #6 · answered by shaydzofluv 2 · 0⤊ 0⤋
hahaha sure you can if your business is legit. that is to say you have a business thats recognized in some sort of official capacity: ficitious business name, city business tax license, city home office occupation permit, tax id for your business, etc. SOMETHING.
2006-11-24 02:17:07 · answer #7 · answered by bbq 6 · 0⤊ 0⤋