Official tax thread
Out of context: Reply #40
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- stevegee0
you can do your own taxes jakeyj, just be careful, if you screw up you could get hurt bad.
In the US...
-only 50% of meals (with or related to client work) are deductible.
- Clothing and dry cleaning is not allowed to be deducted
- mileage is a huge way to grab a huge deduction on your vehicle, it's about .38 each mile, and it adds up, all you need is a 'journal'.
- gym membership can be a grey area, if you use it to network and meet new clients
- any deduction regarding a mixture of personal use (i.e.: home mortgage taxes, phones, etc.) is a red flag for the IRS, so be careful.
- any office supplies that might be needed for the 'home' office are deductible, as well as magazine subscriptions, CD's, books, postage, printing... etc.The point is to not show a profit but try to break even with the things that you buy yourself, I mean that you buy y the business so you don't have to pay taxes on anything! Just keep good records!