Thread: Tax write offs
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Old Tue Jan 29, 2008, 09:56am
jdw3018 jdw3018 is offline
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Join Date: Nov 2006
Location: Oklahoma
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Quote:
Originally Posted by Bearfanmike20
Technically...

you can write off your computer if you buy a new one to use for keeping track of your books,

You can write of the area of your house that is your work space. Its done by square footage.

Any maintenace on your car... Deductable.
While all these things have potential for deduction, they all come with pretty specific rules that you want to pay attention to.

Just as an example, maintenance on your car is only deductible if you are taking the "actual" cost route - for most officials, deducting mileage is a much more cost-effective way to go about your tax work.

Computers have specific depreciation rules you need to know, and the home office deduction is only applicable if the room you use for your office is only your office.

Be careful - keeping it simple and not getting audited will do you a lot more good than trying to squeeze blood from a turnip and getting flagged by the IRS...
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