Tax writeoffs - WickedFire - Affiliate Marketing Forum

JDA · 07-01-2006, 05:05 PM

What do you guys write off for your online business? I'd be especially interested in hearing from anyone who writes off part of their rent/mortgage payment because of a home office.

$5 Submissions · 07-01-2006, 07:04 PM

Pretty much any business-related expense. If you meet clients, you can even write off part of your car.

DanNicol · 07-01-2006, 07:37 PM

Quote:

Originally Posted by JDA

What do you guys write off for your online business? I'd be especially interested in hearing from anyone who writes off part of their rent/mortgage payment because of a home office.

be careful with the homeoffice writeoff - You have to have a dedicated room or # of sqft in your house that you use only for business nothing else.

It is also a flag to the IRS, might nit be worth it.

Just my opinion

Jon · 07-01-2006, 07:56 PM

I write off just about everything. Even shopping stuff. It's become more of an addiction than a burden too, I love it!

a.titus1 · 07-01-2006, 09:15 PM

Ive also heard some bad stories about writing off your office space. You have to be very careful about how you itemize that. For example you cant write off internet access unless you have a seperate line for business and then for regular surfing.

J-Tag · 07-01-2006, 09:35 PM

Quote:

Originally Posted by Jon

I write off just about everything. Even shopping stuff. It's become more of an addiction than a burden too, I love it!

Can you give some examples of 'everything', and how they'd be write-off-able?

jacob · 07-04-2006, 02:24 PM

Internet, hydro, rent, hosting, domain names, any work i pay someone for, cell, meals, office supplies, computer equipment.

for the home office, in canada anyways, you take the square footage of your house vs the square footage of your office as a percentage and write off that percentage of your rent/mortgage. this is the same for the hydro.

garyfugere · 07-04-2006, 03:28 PM

That being said . . . Taking business deductions especially a home office deduction, during any year in which the business has mimimal revenue is like waving a red flag in front of a bull. It will almost surely result in an IRS audit and then you'll be expected to produce receipts for every pencil that you bought.
IRS agents are not stupid. If you do not have any revenue, they are going to assume you are making it sound like you have a business in order to deduct personal expenses from your income taxes.
Try to delay your expenses whenever possible until such time as you have some revenue to offset it against.

GuyFromOz · 07-04-2006, 04:18 PM

The rules are different everywhere.
Personally; buy a computer game, write a review, post it on a blog, claim computer game, play computer game for 120 hours, shower, repeat.
I claim lots of stuff. PC's (depreciation), a business share of mortgage interest, electricity, heating, water, rates (i work from home), credit card interest, hosting, domain names, scripts I've purchased, bank fees, car use (to bank, post office etc), ppc expenses, subscriptions to webmaster sites, newsgroup access, telephone... the list goes on...

/ worked last tax season for major tax people

Oh, make sure you put adsense or something on that blog. As long as the expense was incurred to generate some income (intent), you should be alright. The tax man should have no problem with you claiming a $100 game and earning $6 in revenue.
// don't work for major tax people any more
/// this is not advice.
//// slashies!
///// you should consider your own persona... fuck it. that's enough. do your own homework.

07-01-2006, 05:05 PM	#1 (permalink)
JDA Senior Member Join Date: Jun 2006 Location: Atlanta Posts: 722 iTrader: (0)	Tax writeoffs What do you guys write off for your online business? I'd be especially interested in hearing from anyone who writes off part of their rent/mortgage payment because of a home office. __________________

07-01-2006, 07:04 PM	#2 (permalink)
$5 Submissions Senior Member Join Date: Jun 2006 Posts: 1,768 iTrader: (2)	Pretty much any business-related expense. If you meet clients, you can even write off part of your car. __________________ Need EFFECTIVE CONTENT? 100% Satisfaction Guaranteed: As Low as 1.25 Cents/word

07-01-2006, 07:56 PM	#4 (permalink)
Jon Join Date: Jun 2006 Location: New York City Posts: 7,745 iTrader: (0)	I write off just about everything. Even shopping stuff. It's become more of an addiction than a burden too, I love it! __________________ There's someone in my head... but its not me. Skittles - Taste the rainbow... in jail. The Best in shamwow PPC The CB thread

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07-01-2006, 09:15 PM	#5 (permalink)
a.titus1 Senior Member Join Date: Jun 2006 Posts: 567 iTrader: (0)	Ive also heard some bad stories about writing off your office space. You have to be very careful about how you itemize that. For example you cant write off internet access unless you have a seperate line for business and then for regular surfing.

07-04-2006, 02:24 PM	#7 (permalink)
jacob Member Join Date: Jun 2006 Location: Vancouver Posts: 96 iTrader: (0)	Internet, hydro, rent, hosting, domain names, any work i pay someone for, cell, meals, office supplies, computer equipment. for the home office, in canada anyways, you take the square footage of your house vs the square footage of your office as a percentage and write off that percentage of your rent/mortgage. this is the same for the hydro.

07-04-2006, 03:28 PM	#8 (permalink)
garyfugere Junior Member Join Date: Jul 2006 Posts: 4 iTrader: (0)	That being said . . . Taking business deductions especially a home office deduction, during any year in which the business has mimimal revenue is like waving a red flag in front of a bull. It will almost surely result in an IRS audit and then you'll be expected to produce receipts for every pencil that you bought. IRS agents are not stupid. If you do not have any revenue, they are going to assume you are making it sound like you have a business in order to deduct personal expenses from your income taxes. Try to delay your expenses whenever possible until such time as you have some revenue to offset it against.

07-04-2006, 04:18 PM	#9 (permalink)
GuyFromOz Senior Member Join Date: Jun 2006 Location: ÄúsTrálíå Posts: 146 iTrader: (0)	The rules are different everywhere. Personally; buy a computer game, write a review, post it on a blog, claim computer game, play computer game for 120 hours, shower, repeat. I claim lots of stuff. PC's (depreciation), a business share of mortgage interest, electricity, heating, water, rates (i work from home), credit card interest, hosting, domain names, scripts I've purchased, bank fees, car use (to bank, post office etc), ppc expenses, subscriptions to webmaster sites, newsgroup access, telephone... the list goes on... / worked last tax season for major tax people Oh, make sure you put adsense or something on that blog. As long as the expense was incurred to generate some income (intent), you should be alright. The tax man should have no problem with you claiming a $100 game and earning $6 in revenue. // don't work for major tax people any more /// this is not advice. //// slashies! ///// you should consider your own persona... fuck it. that's enough. do your own homework.