what can you deduct

[huntert]

as far as getting equipment like routers or getting software to study and even taking exams what can you deduct from taxes?

[RicheemxX]

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.

[zepper]

The tax softwares (Tax Cut, Turbo Tax, etc.) usually have good checklists for deductions.

.bh.

[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. Does that make sense?

[MTAtech]

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.