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I was just told I could have done this for my taxes, but no clue how to.........

Lisa/ChefBear

Veteran Member
Gold Member
Jun 24, 2005
1,294
2
Hi all,
This was my first year for filing taxes for my PC business, as I started in March of last year and I was scrambling at the end and we got it filed.:)

I just talked with my former PC consultant (who had someone do her taxes) but she remarked to me, well you did take off for your gas or elec stove?? And for your dishwasher?? and for your Fridge??? :eek:

How in God's green earth would you try and estimate the cost of that?? Just curious if I should try and keep track of that for this year. :confused:

Curious as to how of if any of you do this??

Thanks,

Lisa
 

sailortena

Member
Feb 3, 2006
440
0
Unless you totally use the appliance just for PC stuff I wouldn't worry about it. You have to figure in formulas of actual time you use the appliance, ratio it in compared to when you use it for personal reasons, etc., etc.

If you have an office that is only used for PC you can deduct a percentage of your mortgage depending on the square footage and the same with utilities, supplies, etc. But if you only have one fridge, stove, etc. in your house it's not worth trying to figure out the math to deduct those types of costs. It's a real headache and a red flag to the IRS for an audit.
 

soonerchef

Veteran Member
Feb 17, 2006
1,526
0
I was told by my accountant that I could take a percentage of utility bills but when you look at what the deduction is (for me it was 10%) and what I would get back I found that deducting a percentage of the utilities was 1) not worth the hassle and 2) not worth the possible red flag to the IRS!
 

fruit76loop

Veteran Member
Gold Member
Sep 13, 2005
1,161
0
Write off everything you can!!

If you are doing your taxes correctly then write off every penny you can! Why worry about the red flag and possible audit if you have all the documentation for what you do! I don't want the government to keep any more money of mine than they already do!

I have never heard about the deduction for the refrigerator...etc. Seems kinda fishy to me!

I do of course write off my office space, utilities, groceries, mileage, business supplies, cell phone, long distance phone calls etc. etc. etc.!!

If in doubt advise an accountant!!:D
 

AmyjonesPC

Member
Oct 16, 2005
77
0
Deduction for fundraiser

Seeing we earn less commision on a fundraiser 15 or 17% vs. 20-27% can we deduct the difference as a business expense?
 

reesefamily5

Member
Mar 27, 2005
195
0
I don't think so because it's not really an expense we are just making less money. An expense is a cost out of pocket. When we dont' make as much on a fundraiser the money was never in our pocket to spend so I don't think it would be considered a cost.
 
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