Official tax thread
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- jakeyj
The official tax thread for taxes due in 2005. Post your questions.
- jakeyj0
I'll start -
So I do a small amount of freelance work on the side -
what can I write off? I use my home computer, internet, phone...Thanks. you are GLORIOUS.
- JazX0
you can write any of that sh*t off, better have the recipts to do it though. If the IRS comes knocking at your door, and believe me they come for small fries too, you better be able to back up what you're writing off otherwise major fine, etc.
- ldww0
i write off like 1/6th of my rent, my mobile, subway ticket, cable internet bill, any computer equipment, magazine subs, books.
you can also write off some meals too, although i do not deal with that. during the day it ccould be cconsidered a business lunch (if you say were to meet with your client)
- jakeyj0
ldww - what? how do you write all that off? do have fulltime work and some freelance?
- ldww0
i was told that a cc bill counts as a recieptt... true?
- gruntt0
i've already done them and recieved my fed return.
- harlequino0
Careful with writing off "business" meals. You can do it, but don't get greedy. A few here and there.
- jakeyj0
so Jazzy - I have my stubs from like my internet bill and mobile bill, does that count?
- JazX0
if your expenses can be legitamized on any level that you've used them for work purposes then absolutely.
- JazX0
so Jazzy - I have my stubs from like my internet bill and mobile bill, does that count?
jakeyj
(Feb 27 06, 10:24)yep... you can definitely write that off man
- jakeyj0
define "legitamized"...
let's say I've used my mobile 10 times over the course of 2005 for bizness, is that enough
- acescence0
i had an accountant do mine, and he told me i could only write off the entire value of my computer if i purchased a new one roughly every year. if you use it for, say, three years, you're supposed to write off a third each year. better be true, i paid enough motherf%$#er!
- JazX0
yes, anything and I mean anything that you've used for business purposes, you can write off.
Just make sure you have the proof for it. Don't get caught with your hand in the cookie jar and don't make it ridiculous.
- jakeyj0
ok another question - how do I have to make per client before I report it? I thought I remember hearing it was $600....
- acescence0
i know for freelancers, with rent and bills and such, you can write off the percentage of each you use for business vs what is personal use.
- Meeklo0
over 600 I heard too
- radar0
Yes, I beleive it is $600.
- jakeyj0
so let's say I had 10 jobs that each paid $500 - a total of $5 grand. I don't have to report that anywhere correct?
- jakeyj0
somebody on NT should become an accountant and do all our taxes. that would be great.
- Dancer0
Dunno about US but in the UK you can claim against the clothes you buy (apparently), Cause you have to "look good".