Posted by Dan/Calif on 12/31/09 10:10am
Msg #316234

New to tax season

Hi all,
I was looking to see how some of you use deductions for your business. I am guessing phone , mileage, and things of that nature. I am sure I am missing many others. Any chance you could post some of these to help me and others like me? I just want to be sure my accountant doesn't miss anything.
Thank you,
Dan

Reply by Linda_H/FL on 12/31/09 10:15am
Msg #316235

Do a search here Dan...this has been discussed

extensively every year...

Reply by desktopfull on 12/31/09 10:43am
Msg #316240

If your using an accountant why don't you trust the accountant to know the tax codes and what's relevant to your situation? If you don't trust this person to be knowledgable enough why would you pay them to do your taxes? Save the money and do your own, or find someone that already knows what they are doing. BTW, with the current laws, paying someone to do your taxes is a deduction on the next years taxes.

Reply by KODI/CA on 12/31/09 11:05am
Msg #316244

Check your PM file. N/M n/m

Reply by John_NorCal on 12/31/09 11:22am
Msg #316254

The simplest way to look at business deductions.....

is that money that is legitimately spent in the production, maintenance or defense of income is deductible. With certain restrictions this can apply to w-2 income also.

Reply by Linda_H/FL on 12/31/09 11:45am
Msg #316260

Re: The simplest way to look at business deductions.....

and in our case just add to that formula state-regulated notary fees (fee for the notarial act itself)

Reply by Dan Dritz on 12/31/09 11:47am
Msg #316262

Re: The simplest way to look at business deductions.....

Thank you all for the input.
Dan

Reply by MW/VA on 12/31/09 4:56pm
Msg #316302

Don't forget that the notary fee portion of the income is exempt from self-employment tax.

Reply by Susan Fischer on 12/31/09 5:21pm
Msg #316308

Adding to that, some people pay the SE tax to maximize

their SS earnings for higher benefits down the road. Worked very well for me.