Thread: what can you deduct
December 28th, 2008, 06:53 PM #1
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- Nov 2008
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
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- Jan 2003
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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.
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, 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."
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