urgent tax question

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mason

mason

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Aug 13, 2006
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hey, I'm filling out my financial aid stuff for school and I was wondering if PPC cost counts as an 'IRS-allowable adjustments to income'.

IRS-allowable adjustments to income = money i can subtract from my income.

oh yea and what about loan payments? are they IRS-allowable adjustments to income?
 


mason said:
hey, I'm filling out my financial aid stuff for school and I was wondering if PPC cost counts as an 'IRS-allowable adjustments to income'.

IRS-allowable adjustments to income = money i can subtract from my income.

oh yea and what about loan payments? are they IRS-allowable adjustments to income?
Click to expand...
Establish an LLC. You are an employee of said LLC, and get paid minimum wage.
Thank god your food is actually a "company lunch"!(Just kidding, ish)
But really, lets you write off your business expenses like mad.
 
Someone correct me if I'm wrong.

You only get taxed on profit (income).

Profit = Revenue - Expenses

PPC is an expense.

Therefore, write it off.
 
xmcp123 said:
Establish an LLC. You are an employee of said LLC, and get paid minimum wage.
Thank god your food is actually a "company lunch"!(Just kidding, ish)
But really, lets you write off your business expenses like mad.
Click to expand...

You don't need a registered business to write off business expenses. You can do that anytime under your own name as a sole proprietorship.
 
Yes -- definitely write off all PPC expenses as well as all your other costs (web hosting, bandwidth, creative design, etc).

Even if you made money on your campaigns, write off as much as you can (legally).
 
I'm no accountant so you are better off contacting one, but the money you spent on PPC should be listed an expense like everyone said.

And in NY the full loan payment you pay each month isn't deductible, but the interest you pay is deductible.
 
get yourself a freaking accountant, it's easy that way, I pay mine about $250 per year to do my taxes but I call/email him all of the time with questions or to run different things by him, and if anything comes up, he's going to be talking to the IRS first

and my vote is to set up an LLC, it'll look more legit
 
if you do incorporate, make sure you dont commingle personal and business funds- or being incorporated might bite you hard if you get used someday...
 
I deduct everything that I can.

Examples are:

computer
internet
computer equipment
cds
cloths
lunch, business
some of my home expenses
a % of my cloths

The interest on any purchases on my credit cards for my business.

Anytime I go out of town I visit one company and talk to them about my services, I always get their card and the name of the person I spoke to. This makes my trips tax deductible.

There are a lot of things that you can deduct but you should always consult with a professional. Remember the profit is what the irs wants their money off of.
 
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