I am starting my own business , I was wondering if anyone knew what I could use as tax write off's?

Answer 1

Contrary to the opinion of some Yahooers, you can't deduct just any meals. If you decide to go out to eat for lunch, isn't deductible. If you decide to buy some water, isn't deductible. If you take a client out to discuss business and business is the talk of the table, then you can deduct the meal.
Other than that:
Advertising
Office supplies
Equipment (must be depreciated over so many years)
Custom hire (wages)
Car and truck expenses (you must keep track of your business miles vs. personal) You can either take actual expenses or the standard mileage.
Postage
Licenses and fees
Legal and accounting
Travel expenses
Real estate taxes (if you have a office building)
Rent
Utilities

Until you get comfortable, let someone help you that has had experience.

Answer 2

Hopefully you already have an accountant, as you will need one. It depends what kind of business you are starting up. I run a partylitecandle business and I can write off mileage to and from the parties, postages, paper and office supplies, things of that nature. Again, thou seek a certified public accountant to get more specifics.

Answer 3

regardless of legitimately deductible expenditures you have receipts or different suitable documents for. don't be so specific you would be able to additionally write off area of your hire. you may purely deduct a house workplace in case you utilize the area often and completely for corporation. in case you published this question case in point from a working laptop or computing gadget in that section, case in point, forget approximately it. And specific auditors do certainly come on your place to make certain your "domicile workplace". Mileage for a realtor is prevalent. confirm to maintain the required mileage log. T&E - checklist, checklist, checklist what this is for to teach this is legitimate. do not think of you may write off a cruise for the reason which you talked to somebody onboard approximately their figuring out to purchase a house with the aid of you. As a extreme earnings self sustaining contractor, you're very probably to get audited besides. if your deductions are extreme, you're audit bait. Deducting 75-100K could likely get you a pass to.

Answer 4

That would depend on what kind of business you're starting - since you don't mention that, it's hard for anyone to give you any very specific answers.

Basically, you can write off expenses that are necessary for keeping your business going and earning income.

Answer 5

Link below has great info one what you can write off.. Anything that you use in your office to make a profit..from the trash can to the phone cords...all office supplies, if you use your vehicle-you can write it off if you advertise with one of those magnetic signs on your door, part of your home if you own it if you have a home office and work in the home over a certain amount of years.

Make sure you keep every receipt from day one for seven years

Answer 6

Entrepreneur.com has a good source of Small business advice on any subject. As far as tax write offs, here is a list of several tax write offs.

http://www.entrepreneur.com/money/taxcenter/article171204.html

Answer 7

There are a ton of things that you can expense and capitaslize for your business. It really depends on your business as to what you can do with them. What is your business?

Answer 8

Just about anything you can associate with your business. If you use it once or every day any expense toward your business is a writ off..... Cars, Mileage, etc. Computers, clothing, If you need it for work it is a write off, get a good accountant and save every recipt... Good luck, I hate corprate America. I hope you do well.

Answer 9

everything you touch for the business. keep all receipts, track it all like on QuickBooks or even better get an accountant, etc.

if you wear clothes, like same ones for work, that is "uniform expense". be shoes, pants, shirts, hats

if you use a computer for work...computer, printer, paper, internet provider, web site, web space, etc is all a write off.

if you eat while working, you can claim 1/2 of that, so even that $1 menu at McD's real fast, keep the receipt, it adds up over a year. I also track water cause I work outside.

if you use a car for only work, then you can use the entire car as a write off, just depreciate it over years, same with any large expense. if you use a car as personal and for work, keep a mileage book and track down starting, ending miles of anything to do with work and you can deduct those miles x ? cents to get write off.

all products, stock, items you don't have to pay tax on. so like with me, I need to buy lacquer thinner for my job. If I buy it at Lowes or a auto body supply store, I don't have to pay tax on it. Now to do this with your suppliers, you have to fill out a tax exempt form. I skip that part cause its a hassle with cashiers and a line of people behind you at times. I just track all the sales tax I pay out all year long and I get it all back.

pay yourself as litle as possible but allow the company to take care of you. example, have a seperate room at home for the office. that space is now a write off by cubic feet. it now pays for part of my rent. my vehicle i use for work so 80% of it work pays for. my computer and 80% of my clothes are also "works". all that stuff are write offs and tax deductions. salary I pay myself direct I have to pay tax on, something I'm trying not to do.

cell phone, pager, storage bin, shop space, warehouse all write offs.

be anal with your paperwork, reciepts, etc, it pays off. I track all my stuff on Quickbooks daily and then put everything into a 1/2 size yellow packet. End of the month I date that packet and file it away. Now I can find anyting later by the month and all receipts inside are in order by day, super fast tracking when you need too and takes no effort when doing it.

Answer 10

These will be deducted on Schedule C of your 1040 so take a look at that form at www.irs.gov. It lists all deductions.