It was required for an overseas assignment coming up in March. I had to have it expedited as well which cost additional in order to be able to go in time. How much if any of this can be deducted as a business expense next year?
2007-02-11 15:38:09 · 13 answers · asked by K D 1 in Business & Finance ➔ Taxes ➔ Other - Taxes
all of it, but not if any trips are made for other than business purposes. then you'd need an accountant to figure the percentage. but as a self-employed individual, you should already be using an accountant to do your taxes. if you aren't, you will pay more than you should. business deductions can be very complicated when you are not a specialist in accounting and are able to use ALL the correct forms and get ALL the deductions available to you.
2007-02-11 15:46:03 · answer #1 · answered by de bossy one 6 · 0⤊ 0⤋
It is no different then if I told you I was a real estate investor. If I flew to New York from Florida, stepped off the plan, could I take a tax break on the trip. I sure can. Answer, I might be interested in the real estate.
Answer to your question. Of course.
Also it would be a good idea for any businesses owner to have an accountant.
2007-02-12 00:22:10 · answer #2 · answered by John P 2 · 0⤊ 0⤋
Get a good tax person. If you don't know the answer to this, then you may be overpaying your taxes in other areas.
Me, I'd chalk it up to travel expenses, (even though it's a tax), and let my tax accountant straighten me out before the return was submitted.
I would make sure I worked the whole time and didn't have any fun, however. Strickly business use, you understand. Good luck.
2007-02-11 23:46:16 · answer #3 · answered by Boomer Wisdom 7 · 0⤊ 0⤋
I'm not a tax preparer, but I would guess that since it is a business expense that it should be tax deductible. I would save all receipts and show them to my accountant or ask him about the addtitional expense to speed things up. It might be allowable....and it might not be.
2007-02-11 23:42:24 · answer #4 · answered by Brenda 6 · 0⤊ 0⤋
a passport is $100? $50 additional for the expedited service?gee
2007-02-11 23:46:36 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Absolutely. You can deduct any government fee or tax except income tax or penalties of any sort (interest charged on past due taxes is deductible as well.)
2007-02-11 23:43:15 · answer #6 · answered by Scott K 7 · 0⤊ 0⤋
Yes you can write it off on your taxes. You should be able to write off the entire thing. Just keep the receipt!
2007-02-11 23:41:38 · answer #7 · answered by mommasquarepants 4 · 0⤊ 0⤋
All of it, from the film, to the paper it's printed on, and you can even stretch it to value your time and write that off too.
As a common word of advice, a good accountant is worth their weight in gold, and always pays for services for what they save you. Hire one, it's painless and the best decision any self-employed person can do. Good Luck, and have fun!
2007-02-11 23:41:56 · answer #8 · answered by Anonymous · 0⤊ 2⤋
If you need it for your business, it is a business expense and you can write it off.
2007-02-11 23:40:44 · answer #9 · answered by MiddleAgeVet 4 · 1⤊ 0⤋
Yes, it is deductible, but only if those deductions amount to more than 2% of your Net Taxable Income.
2007-02-11 23:47:36 · answer #10 · answered by plezurgui 6 · 0⤊ 2⤋