what can you deduct  | |
December 28th, 2008, 06:53 PM
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#1 (permalink)
| | Junior Member
Join Date: Nov 2008
Posts: 16
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as far as getting equipment like routers or getting software to study and even taking exams what can you deduct from taxes? |
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December 29th, 2008, 12:38 AM
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#2 (permalink)
| | Super Stealthy Moderator
Join Date: Jan 2003 Location: Outside the box
Posts: 5,554
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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.
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December 29th, 2008, 01:39 AM
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#3 (permalink)
| | Ultimate Member
Join Date: Sep 2002 Location: Finger Lakes area
Posts: 2,373
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The tax softwares (Tax Cut, Turbo Tax, etc.) usually have good checklists for deductions.
.bh.
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December 29th, 2008, 02:38 PM
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#4 (permalink)
| | THE Gimp Clown Fish!
Join Date: Jun 2007 Location: Bay Area
Posts: 3,857
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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? |
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December 29th, 2008, 03:00 PM
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#5 (permalink)
| | Light to Counter the Dim
Join Date: Oct 2001 Location: Long Island, NY, USA
Posts: 6,696
| Quote:
Originally Posted by nemowolf 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. | 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.
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