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I work as a "geek-for-hire" installing/fixing computers, POS systems, repairing tv's, etc. I want to be able to deduct my 37" lcd (I use it as my computer monitor), a used vehicle I purchased through financing, upgrades to my computer, 2 laptops and various tools used for the work I do, all purchased in the 2006 tax year. So if I can claim all these things, mileage as well, I'll definitely have a loss and be able to get back alot if not all of my taxes. However I would like to avoid an audit if I could, although I kept all my receipts to back it up. Is this okay?

2007-02-03 01:46:48 · 5 answers · asked by blafteus 2 in Business & Finance Small Business

5 answers

There are many things that can be deducted, but your best bet is to talk to a professional. They know the ins and outs of tax laws. If you are worried about paying him maybe you can offer him a trade of professional services. He does your taxes and you help with his computers.

2007-02-03 02:14:04 · answer #1 · answered by Wendi lu who 4 · 0 0

Sure, get you some tax software, most on the market today are good.

Gather your receipts, bills, etc. and get to work. I recommend waiting a few days after completing your taxes to file. Usually, you remember a few more deductions that you had forgotten to take.

Vehicle, Vehicle Insurance, Vehicle Repairs.Maintenance, parking, tolls, car washes, office supplies/equip., phones, home office plus all the standard business expenses that you have put together.

The tax programs will help you with finding the deductions.

Under the Bush Administration the IRS seems to be more lenient and less aggressive/adversarial.

2007-02-03 02:00:33 · answer #2 · answered by grantwiscour 4 · 0 0

As a tax preparer I would advise you to get a professional to do your taxes. You can write off that expense from your income in 2007. You cannot fully write off equipment, auto, and machinery it has to be depreciated over so many years and you can only write off the portions for business use. Be smart go to an accountant they can advise you better as your tax laws may be different if you live in USA.

2007-02-03 02:22:03 · answer #3 · answered by Anonymous · 0 0

you can deduct your store rent (if you pay rent for it), all your utilities, if your cell phone is in your business name use that too.. also any goods purchased for resale, town taxes, such as zoning and property tax. once you start using grocery receipts and gas receipts they'll want to look into it. just keep it simple and reasonable and dont put oddball things on there like, dog food for the store watch dog, or crazy stuff like that.

2007-02-03 01:56:00 · answer #4 · answered by GD-Fan 6 · 0 0

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2016-11-24 20:56:16 · answer #5 · answered by side 4 · 0 0

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