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  #11  
Old 03-20-2003, 05:35 PM
Mike Bradbury Mike Bradbury is offline
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Join Date: Jan 2003
Location: Fort Wayne,IN Zone 5
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Quote:
Originally posted by Scraper
Why don't you read his initial post?
Initial post said "tax preparer". Not the same thing as CPA.
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  #12  
Old 03-20-2003, 05:36 PM
Mike Bradbury Mike Bradbury is offline
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Join Date: Jan 2003
Location: Fort Wayne,IN Zone 5
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Quote:
Originally posted by adamc6
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
Normal work time meal expenses are not deductable.
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  #13  
Old 03-20-2003, 09:28 PM
hoyboy hoyboy is offline
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Join Date: Sep 2002
Location: Chicago
Posts: 346
I personally don't like the term "loophole" because it denotes "cheating," as in "oops, I found an error in the tax code and I'm going to exploit it."

There are tax laws that can be advantageous if followed. They are often labeled "loopholes" by those who know they are there, but are jealous that they can't use them.

In general, all income is taxed. The IRS recognizes that certain costs are incurred to generate that revenue, however, and correctly allows those costs to be deducted from the revenue before figuring the tax.

Health insurance for an employee is an expense of an employer associated with producing revenue...it is therefore deductible. Health insurance for an individual is not associated with producing revenue, and therefore is not deductible. It is not a "loophole," but a legitimate expense deduction.

It's amazing the many other legitimate expenses I hear people calling "loopholes." They are not. They are simply costs of doing business that many people may overlook. The space I use in my home, for instance, is a real cost. The fact that my brand new mower I purchased a year ago is worth 75% of it's original value is not a "loophole," but a real cost.

And yes, the DVD player I bought to show training videos is also a legitimate expense.

For the most part, the IRS has stayed away from defining what is "A" business expense and what is "A WISE" business expense. In other words, they will give me a deduction for that DVD player whether it was a wise purchase or not. That policy is good. I am very concerned when the IRS, or any government agency, starts telling me that my money was spent poorly and therefore not a legitimate expense. It is a very slippery slope and one they should avoid and one we should fight tooth and nail. For instance, they have started limiting country club dues, and the infamous "listed items" and "luxury tax items" are ways they have begun to do just that.

I'll get off my soap box now...

Dan Norton
Hoy Landscaping, Inc.
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  #14  
Old 03-20-2003, 09:41 PM
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DanaMac DanaMac is online now
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Join Date: Mar 2002
Location: Somewhere in the state of CO
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Season tickets to the #1 college hockey team in the nation - Colorado College Tigers!! Advertising. I actually do take sales and counter guys from my supplier as well as other contractors. Only when my wife can't go since she in the Alumn.
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  #15  
Old 03-20-2003, 10:00 PM
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Lombardi Lombardi is offline
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Join Date: Feb 2003
Location: Pleasant Hill, MO
Posts: 538
Danamac,
That is actually considered an entertainment expense. 50% deductible.
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Lombardi Lawns & Landscaping
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  #16  
Old 04-22-2003, 01:13 AM
OutdoorCare OutdoorCare is offline
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Join Date: Apr 2003
Location: MN
Posts: 2
I am a tax preparer, and you can deduct a portion of your own personal health insurance premiums if you are not able to get coverage by any other source (i.e. other employment, spouses plan, etc.). The full amount is not deductable, but up to 70% can be.
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  #17  
Old 04-22-2003, 06:23 AM
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MOW ED MOW ED is offline
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Join Date: Jan 2000
Location: N.E. Wisconsin
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The computer that you are using right now as well as your internet connection are being used for business purposes.

Just adding my 2 cents to save you 2 cents.
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  #18  
Old 04-22-2003, 06:56 AM
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Tharrell Tharrell is offline
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Join Date: Feb 2003
Location: Mount Airy, NC aka Mayberry
Posts: 2,967
How about some good, quality tools?
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