Future way to contact UC

here

 

http://news.zdnet.com/2100-9588_22-6060920.html

Your screwed. Time to pay the fiddler.

 

Screw the fiddler, buy a case of this:

 

I think my online business needs a new 42" LCD television. We'll consider it Employee Lounge expense.

 

A good website for tax information is:

www.irs.gov

They have all of the regs online. I'd suggest at a minimum going on there looking at a Schedule C and seeing what types of things can be deducted from your business income. I'd also look over the references in the Schedule C instructions. You don't have to know this information from memory, just be familiar with it so you can give it to who ever prepares your taxes.

I have run a business from my house for the last three years. Since I was able to make deductions out of bills I normally would have to pay, I have come out ahead even if it looks like I'm not making much on paper. Think about it, I write off bills, against my business income, I would normally pay so I can pay less taxes.

 

You have to be very very careful doing that.

For instance you can't write off your full electric bill. It can only be a portion of your bill.

 

You can show a loss for 7 years, after 7 years you must show a profit.
If you can at all show a loss for all 7 years!


Dude, I'm telling you get a CPA! It's worth every penny for your time, troubles and headaches to not have to worry about it. If you don't feel like they saved you atleast double what you paid them, then look for a different one.

There are so many things you can take off thats not listed it's not funny, you will not beable to find them all.

Other options include: You can also take off either Gas or Mileage for business trips. If you go to the store and while you are there you talk to someone about your business or pick up some paper clips or something that you need, then thats a business trip.
Which one do you count? gas or your mileage? I cant remeber which one right now but with one you get to include vehicle deprciation too. You can also count off the deprciation of your equipment.


Just get a CPA and leave me alone.

 

You can show a loss as long as you want to stay in busisness and have the capital to sustain the losses. If it is an activity that can be deemed a hobby, you must show a profit in at least 2 of any five year period or you must show other evidence that it is not a hobby operation. This is only for activities that might be deemed a hobby, for example, gentleman ranching, horse racing, auto racing, etc. If it is a truly legitimate operation trying to make a profit, hobby rules do not apply.

 

it isn't just gas, it is all actual expenses or 46.5 cents per mile. once you take the mileage, you cannot switch to actual, and vice versa.

 

Yea thats why I hire someone, I' dont want to even start to learn it all, I have other things to do, like make money.

 

You're correct. In my situation I normally kept my computer on for the day once I started it. So my costs did not increase, but I was able to write off some of the electric, internet access, mortgage, etc.

46.5 cents? Cool, it went up two cents.

 

If I had not worked for the man at one time, I would never have been able to play with toys like this:



Sometimes, multi-national corporations with their fingers in every pie imaginable can provide the resources to do things no individual could ever do.

That said . . .

screw the man.

 

what are you selling on ebay