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  #1  
Old 03-16-2003, 07:32 PM
nelson279 nelson279 is offline
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Location: BUFFALO, NY
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deduction loopholes????

As a one-man operation, besides equipment, repairs, mileage, home office, etc., uniforms, supplies, what other deductions can be used to lower taxable income that I am overlooking? Are there any loopholes that I'm missing? My tax preparer is supposedly advising me, but I like to be on top of things to make sure I catch what he might forget, if anything.
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Old 03-16-2003, 10:14 PM
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Lombardi Lombardi is offline
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Buy the book "How To Pay Zero Taxes". It is full of good, legal loopholes that a lot of people never think about. It has been helpful for me.
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Old 03-18-2003, 10:21 AM
SummitFarmer SummitFarmer is offline
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How about getting a CPA??
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Old 03-18-2003, 03:45 PM
Scraper Scraper is offline
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Quote:
Originally posted by SummitFarmer
How about getting a CPA??
Why don't you read his initial post?
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Old 03-18-2003, 04:25 PM
beck beck is offline
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Location: St. Louis, Mo
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fuel
advertising
office supplies
insurance
professional fees(accountant and or lawyer)
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  #6  
Old 03-18-2003, 06:47 PM
nelson279 nelson279 is offline
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about CPA

Quote:
Originally posted by SummitFarmer
How about getting a CPA??

I have a CPA but you still should know what he/she is doing with your numbers.
You just never know what they can be missing so is always good to ask I think

Thank you anyway
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Old 03-19-2003, 08:38 AM
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DLS1 DLS1 is offline
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Use the Search button at the top of the page and search for 'deduction'. You should find a lot of threads on the topic.
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  #8  
Old 03-20-2003, 01:41 PM
adamc6 adamc6 is offline
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actually, your uniforms are not deductable on taxes because they dont fall under a specialized uniform.... one thing is to keep a mileage log for all your business related driving (estimates, post office, anything) because it's a 36.5 cent per mile deduction. Also any entertainment or meal expences are 50 % deductable.... keep a good record, and good luck...

Adam
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Old 03-20-2003, 03:15 PM
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Lombardi Lombardi is offline
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Even though I don't classify my company shirts as uniforms, I consider them as an advertising expense, which is deductible. I also sponsor a softball team and deduct the shirts as an advertising expense.
The mileage deduction for 2003 has been changed to .36/mile.
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Old 03-20-2003, 05:18 PM
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Frosty_03 Frosty_03 is offline
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CPA'S

Make sure you have a good and trustworhty CPA. They know the Law and you should as well be well informed. If you think its legal make sure you check the tax laws so you and your CPA can come to the same loopholes. I would read up on all you can about taxes. Good Luck and God Speed. Do the right thing!!!!
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