- 2,960
How about throwing out some legitimate income tax deduction ideas here. I'm new to this and don't want to miss anything.
Expense Deductions for Taxes
- Thread starter smokin goose
- Start date
- 11,280
Pens, paper, printers, faxes, phones, computers, E&O, CE costs, license fees, appointment fees, leads, mileage or gas, business cards, postage.
- 11,995
The most common is mileage, but you're going to want to have a good accountant to handle this stuff. Home office and partial use of phone are good ones too. For example, I do use my phone for personal things, but it's 80% (at least) for business, so my tax guy says to write that portion off.
Any business expense is usually tax deductible.
Any business expense is usually tax deductible.
- 11,280
- Thread starter
- #5
- 2,960
What about meals? Does it have to be with a client or just while I'm in the field.
Also, dress clothes?
Also, dress clothes?
- 11,280
Dress clothes normally don't count unless you have company logos on them. Meals generally don't count unless you are discussing business.
- 11,995
Exactly.
You're out running appointments and you grab a bite to eat, no dice. If you're buying a client/referral source/etc dinner and discussing business, good to go.
Whats a good number to use for mileage?
I have claimed around 20,000 every year and haven't been audited yet.
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I deduct all of my meals that are over 25 miles from home.
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- 11,280
- 11,995
If audited you'll likely be disallowed those. I'm not sure what the mileage requirement is, but I believe a part of it is that you stayed the night in a hotel at least 100 miles away? Something of that nature. It's probably a good idea to talk to your tax person about it. If you don't have one, you should get one, they basically pay for themselves.
