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mbh06 said:Can you claim the SS items?? They are used as part of your buisness... And if I purchased items on my own can I claim them too??
cmdtrgd said:I didn't because I didn't know how. Now I do. What you do is claim every product you earn by saying you are reinvesting it in your business. Same with PC dollars and pretty much anything except for a trip - although, if you can pull it off, let us know how!
mbh06 said:My husband hated QVC until we bought our laptop on 4 easy payments that do not require a new credit card to show up on our credit report!
Question: I can claim groceries paid for, milage, my laptop, PC products I purchased, SS items, what else am I forgetting???
ltkacz said:Having a home based business - pays you big at tax time. Last year when I gave all my information to the CPA - his first words to me when he completed my tax return was "congrats on having a home based business, it's paid off big time". My tax return last year was twice as much as it would have been without the business. For that reason alone, I don't ever see giving up my PC business.
Bexs50 said:Ok this might be a stupid question but I know nothing about taxes. I just purchased a laptop this past week. I am on a payment plan and will not have it payed off before tax time. Can I still claim it even though it won't be payed for?
Countrykitchenmichelle said:
This one is tricky, I tried to do this one when I consulted a few years ago. This was considered an item that had to amoritized (no clue how to explain that), but essentially it meant you couldn't deduct the total purchase in the buying year, it had to be spread out over a few years. Way over my head, so I skipped it.
chesse said:I talked to my accountant and she said you can't deduct things you GET. Deductions are for what you SPEND. You can't deduct income, you can ONLY deduct expenses. Be careful!!
pcROX said:You will be able to claim for 2007...not 2006.
jenniferknapp said:but, PC puts them on our tax forms, shown as income I believe... So how can we have to claim it as income, but then use the products for our business, and not be able to turn around and write it off?
lisacb77 said:I thought I read somewhere on here that the Deluxe has a Schedule C? Can someone help on this? I've always bought that version and was going to install today but don't want to open if it's wrong.
That's what we do. I label envelopes with the categories and put the applicable receipts in each one. Then I print the report and hand the whole thing to DH. He files it with a printout and the other documents in the safe.lisacb77 said:Good thinking Ann! I think I'll keep my PP expense reports and reciepts with my taxes too just in case!