What is a good web site to find what can be written off tax wise in a business?

Question

I own a business and I know just about everything can be duducted or written off but I don't know exactly what can and can not.

Answer 1

Steve's right, Publication 334 is a good one for the overall perspective. Publication 535, Business Expenses is another good one. Publication 463, Travel, Entertainment, Gift and Car Expenses is another one you should read. Preparing a tax return is time consuming, find a local CPA who will work with you, advice and tax preparation. And use Quicken or Quickbooks for your accounting. It will help you develop your thinking about expenses, they have templates of common business expenses. The best category is Miscellaneous or Office expense. You can bury some of your expenses in these categories. But, not tooo much. You want to use the common expense descriptions so you don't fall out of the "norm" range in different types of expenses. Plus using Quicken and Quickbooks or having someone enter it for you will give you some financial discipline and a good idea how you are doing without a lot of work.

I am a controller for a small finance company and we happen to use Quickbooks. I still prepare my own taxes and I do my personal accounting on Quicken.

Good luck

Answer 2

Only if you have a legitimate business which includes a tax ID and business license. Just to say you have a business because you have a business card won't work. It is not something you can take 100% of the cost from off one year but rather depreciated over several years of usage. An accountant/CPA (also a tax write off) can assist you with several other tax write offs you are entitled to. For at least your first year of business make sure to get a competant attorney and CPA. Their services will end up helping you earn more money than their fees.

Answer 3

Not to be funny, but as a business owner you will have to learn to be more resourceful. The IRS is demanding that you pay taxes, so it only makes sense to ask them what they want taxes on and what they will allow as a deduction. Again, I am not being funny, but developing stronger thought processes will support you in business for years to come.

Answer 4

Go to www.irs.gov and look up Publication 334.

Answer 5

I have this on my desk top:
below. For the complete list see IRS Publication 502.

Acupuncture
Air conditioner necessary for relief from allergies or other respiratory problems (less any increase in the value of your home resulting from installation of air conditioning)
Alcoholism treatment, including inpatient treatment, meals, and lodging at a therapeutic center for alcohol addiction
Artificial limbs
Artificial teeth
Birth control pills prescribed by a doctor
Braille books and magazines used by a visually-impaired person
A clarinet and lessons to treat the improper alignment of a child's upper and lower teeth
Contact lenses, including equipment and materials for using contacts
Cosmetic surgery, if it's necessary to improve a deformity related to a congenital abnormality, accident or disease
Diet, special. When prescribed by a doctor, you can deduct the extra cost of purchasing special food to alleviate a specific medical condition
Doctor or physician expenses
Drug addiction treatment, including inpatient treatment, meals, and lodging at a therapeutic center for drug addiction
Elastic hosiery to treat blood circulation problems
Exercise program if a doctor has recommended it as treatment for a specific condition
Extra rent or utilities for a larger apartment required in order to provide space for a nurse/attendant
Eye surgery, when it is not for cosmetic purposes only
Guide dog or other animal used by a visually-impaired, hearing-impaired, or otherwise physically disabled person
Hospital care
Household help for nursing care services only
Insurance premiums for medical care coverage
Laboratory fees
Lead-based paint removal, including the cost of removing lead-based paints from surfaces when a child has lead poisoning or was previously diagnosed with lead poisoning. (Does not include the cost of repainting)
Legal fees paid to authorize treatment for mental illness
Lifetime care advance payments
Lodging expenses while away from home to receive medical care in a hospital or medical facility
Long-term care insurance and long term care expenses (there are limitations to what you can deduct)
Mattresses and boards bought specifically to alleviate an arthritic condition
Medical aids, including wheelchairs, hearing aids and batteries, eyeglasses, contact lenses, crutches, braces, and guide dogs (and their care)
Medical conference admission costs and travel expenses for a chronically ill person or a parent of a chronically ill child to learn about new medical treatments
Medicines and drugs
Nursing care
Nursing home expenses, including the entire cost of medical care, plus meals and lodging if the main reason for being in the home is to obtain medical care
Oxygen and oxygen equipment
Reclining chair bought on a doctor's advice by a person with a cardiac condition
Special education; tuition for sending a mentally impaired or physically disabled person to a special school that has resources to relieve the disability
Smoking cessation programs (does not have to be recommended by a physician)
Swimming (the cost of therapeutic swimming prescribed by a physician)
Telephone (the cost and repair of special telephone equipment for a hearing-impaired person)
Television (the cost of equipment used to display the audio part of a TV program for hearing-impaired persons)
Transplant of an organ (but not hair transplants)
Transportation costs for obtaining medical care
Travel expenses for parents visiting their child in a special school for children with drug problems, where the visits are part of the medical treatment
Weight loss program, if it is recommended by a doctor to treat a specific medical condition or to cure any specific ailment or disease
Whirlpool baths prescribed by a doctor
Wig for the mental health of a patient who has lost his or her hair due to a disease
X-ray services