Hey guys, i’m new to all this and i’m wondering what my fellow WC’ers all deduct when filing taxes…
thx for your replies!
Just a few off the top of my head.
Equipment purchases
Car Milage
employes
travel expense
Any write offs from your house since we all have office space, electricity for your office…
i should have been more specific…
Cedric, do you have a CPA? I don’t mean a ‘person that does my taxes for me’, but a registered CPA?
Although many people on here have a LOT of experience in business that question should really be asked only to your CPA. I can recite story after story of guys who ask other businesses what they could write off and that advise turned out to be wrong. I would hate for you or anyone to get blasted by the IRS and every other agency that a audit would bring.
A CPA is the best money you can spend and will help in making sure you cover your financial bases.
I have an accountant, and i was getting my papers ready to send to her tomorrow and was wondering if i could put anything else in there.
you are right though, might be safer to ask her…
You can write off some office and utilities but there are restrictions. I am not an expert. You should ask your accountant to avoid probs with IRS
I am here: Google Maps
I have went through a couple CPAs because they don’t all communicate well. Much like a doctor they can view you like a number instead a client that may need direction. If you dont mind me asking Cedric, is it a CPA or just an accountant?
everything
Don’t forget that new LCD TV…uh… I mean, “[I][B]Office PC Monitor[/B][/I]” you may have got for the holidays. 
What about the cost of doing your laundry?
You can go to IRS.gov for information .
… Definitely.
i have an accountant, not a cpa. i’ll call her tomorrow and see what she says
The reason i ask is that a CPA has more clout and is educated how to handle the IRS in case of an audit. I read a report some time back that listed 5 things a business owner can do to avoid a audit and on that list was to have a CPA. They will likely go after guys that do their own taxes and standard accountants.
…and the dog food to pay for your “security system”.
There are certain “deductions” that are Red Flags. If you have a “home office” or want to write off your garage, you can probably count on having an IRS agent in your home. My uncle had this happen regarding his carpet cleaning biz. They were in the home for 4 days looking over every piece of paper.
The area in the home, even every drop of the internet, must be 100% business related and can’t have any personal “possessions”.
I am not a CPA, but as an Enrolled Agent, I have passed the same IRS Exams and have the same standing as a CPA or Attorney when representing clients in front of the IRS and Tax Court. I fix mistakes CPA’s make frequently. CPA’s do more than taxes. If you want to use a CPA, make sure they specialize in tax and not corporate audits, appraisals and matters other than tax. Just because someone is a CPA doesn’t mean they do taxes well
I have a home office and im able to write off a portion of water, electricity, real estate taxes, etc. but has to be a separate office i believe. I write off anything i legally can. Definitely get a cpa. Tried to write off my gym membership…(gotta stay in shape…lifting ladders, climbing…?) could not do, unless I offered it to all my employees. So ask your cpa, find one that gives you options and ideas on what you can do.
