Thread: what can you deduct
-
December 28th, 2008, 06:53 PM #1Junior Member
- Join Date
- Nov 2008
- Posts
- 17
what can you deduct
as far as getting equipment like routers or getting software to study and even taking exams what can you deduct from taxes?
-
December 29th, 2008, 12:38 AM #2
IMO, I'd find a certified accountant and ask them. I really wouldn't want to risk an audit, on some potentially bad advice. To really give an accurate idea you'd need to answer a lot of the specific, like employment status, type of business ect ect.
Business Expenses detail from the IRS
A visit to the Internal Revenue Service website and getting the appropriate publications should help. Hardware and software isn't a standard deduction, its considered capital expense or asset.
TechIMO Folding@home Team #111 - Crunching for the cure!
“Because The People Who Are Crazy Enough To Think They Can Change The World, Are The Ones Who Do.”
-
December 29th, 2008, 01:39 AM #3
The tax softwares (Tax Cut, Turbo Tax, etc.) usually have good checklists for deductions.
.bh."Our freedom depends on five boxes: soap, ballot, jury, witness; and, when all else fails, Ammo. " ?author?
-
December 29th, 2008, 02:38 PM #4
While definitely not a tax expert, as far as i understand, anything to get a job or because of a job is deductable. Boots, Uniforms, Tools, etc can all be deducted because you need to do your job for example but buying Routers/Switches to learn networking isnt deductible because you dont need it for your job/future job. Does that make sense?
-
December 29th, 2008, 03:00 PM #5
However, those are what's called misc deductions. Misc deductions are subject to the 2% of AGI test. If they don't sum to 2% of your adjusted gross income, you get no deduction at all.
However, if you have a small business, such as computer consulting or installation, you can use Schedule C and you can deduct expenses dollar-for-dollar against income. If your expenses exceed income on the Schedule C, that loss will shelter other income on the return.Conservatives: "If the facts disagree with our opinion, ignore the facts -- or at least misrepresent them."
Thread Information
Users Browsing this Thread
There are currently 1 users browsing this thread. (0 members and 1 guests)



LinkBack URL
About LinkBacks



Reply With Quote



Use vinegar on your skin tonight and finish with 100% aloe vera lotion. My mom died this morning in her sleep. Just the way she would have wanted it, and while not quiet as soon as she wanted, it...
Is It Just Me? v233893843