Thread: Write offs?
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  #18  
Old 12-22-2012, 03:55 PM
herler herler is offline
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Join Date: Apr 2012
Posts: 3,463
Quote:
Originally Posted by 32vld View Post
Why can't one keep time sheets for the maintenace work that one does, pay oneself hourly, and write it off?
If you do that you'll need to pay yourself as an employee and that affects the way your company is set up, tax-wise if you work solo you'd have the company set up as a sole proprietorship which in turn leaves no room for employees... And if you set yourself up for employees so you can deduct maintenance you might as well start hiring because you'll need a secretary just to handle preparing and filing quarterly taxes.

Keep in mind this isn't even beginning to describe but the top most quarter gram tip of this iceberg.

You wouldn't believe the sheer number of tax forms that have to be filled out every three months for the IRS in an employee-based company, a sole proprietor can't do it, believe me this and either way you go is fine by me but it's one or the other else it's damned if you do, damned if you don't, been there, done that.

Granted, you can probably hire an administrative assistant part time.
On the other hand, sole proprietorships only file once a year.

Again I haven't really delved into this in depth at all, the above is not in any way to be viewed as anything but opinion, it is not to be seen as advise on how to do things.

That is why you may wish to retain the services and experienced advise of a certified public accountant.

Last edited by herler; 12-22-2012 at 04:05 PM.
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