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  #11  
Old 02-24-2008, 09:52 PM
ALarsh ALarsh is offline
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Just purchase a car and depreciate it over 2-3 years.
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  #12  
Old 02-24-2008, 11:53 PM
Lawnworks Lawnworks is offline
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It seems like you could still write off 30% of your car useage even if you did not lease.
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  #13  
Old 02-25-2008, 12:48 AM
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steve45 steve45 is offline
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I just looked at a copy of an older tax return I had on this computer for when I had to use my own vehicle for business use. I didn't see the word 'lease' anywhere on the form.

I would suggest that you go to the IRS website and do a search for Form 2106 (Employee Business Expense) and read the instructions for it. Should answer your questions.
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  #14  
Old 02-25-2008, 10:48 AM
Jay Ray Jay Ray is offline
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Quote:
Originally Posted by Dirty Water View Post
Actually, I put in my 40 hours at my company, but I also consult an additional 20 hours as a sole proprietorship.

Of that consulting money, I pay 30% in taxes.

This year I landed a rather large consulting gig (mid five figures), on top of my regular work.

Because of this, I know I need to come up with creative ways to avoid paying tons of tax money
Glad to see you are doing so well. But I'm puzzled. As a Democrat (I think) shouldn't you just rejoice about it and be glad to pay more taxes, not look for ways to get out of it? More taxes is good right?
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  #15  
Old 02-25-2008, 12:08 PM
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Dirty Water Dirty Water is offline
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Quote:
Originally Posted by Jay Ray View Post
Glad to see you are doing so well. But I'm puzzled. As a Democrat (I think) shouldn't you just rejoice about it and be glad to pay more taxes, not look for ways to get out of it? More taxes is good right?
I'm already paying a fortune on the regular job. I don't mind paying the same ratio on the 2nd job. I do not like having to pay 30%

If I knew my money was going to be put to good use, maybe things would be different.
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  #16  
Old 02-25-2008, 12:27 PM
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Fvstringpicker Fvstringpicker is online now
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Bear in mind that, whether buying or leasing, vehicles weighing less than 6000 lbs has limited deductions for depreciation and lease expenses. Don't assume that by leasing you someone get a better write off.
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  #17  
Old 02-25-2008, 04:41 PM
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poolboy poolboy is offline
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Dirty- I wasn't aware there was a difference. Do you itemize your vehicle expenses or do you take the 27 cents/mile right off? 2008 will have a 50 something cents/mile write off. BTW, if you want less taxes, donate more to a charity.
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  #18  
Old 02-25-2008, 05:19 PM
cantoo cantoo is offline
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poolboy quote : Dirty- I wasn't aware there was a difference. Do you itemize your vehicle expenses or do you take the 27 cents/mile right off? 2008 will have a 50 something cents/mile write off. BTW, if you want less taxes, donate more to a charity.

I can help you out there, I'm a charity. Send me the cash I'll print you up a receipt. What colour do you want?
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  #19  
Old 02-25-2008, 07:46 PM
lawnspecialties lawnspecialties is offline
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Quote:
Originally Posted by Jay Ray View Post
Glad to see you are doing so well. But I'm puzzled. As a Democrat (I think) shouldn't you just rejoice about it and be glad to pay more taxes, not look for ways to get out of it? More taxes is good right?
I knew that was coming at some point.
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  #20  
Old 02-25-2008, 09:08 PM
Jay Ray Jay Ray is offline
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Quote:
Originally Posted by Dirty Water View Post
I'm already paying a fortune on the regular job. I don't mind paying the same ratio on the 2nd job. I do not like having to pay 30%

If I knew my money was going to be put to good use, maybe things would be different.
I've always thought socialism was a waste of tax money and am beginning to think militarism outside the borders is too. The John Birch Society is right: Get out of the UN and bring ALL the troops home. Let the world miltarize its own self.
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