Taxes are coming! I need write-offs!!

It has to be for business purposes, thats all. If you want to "write it off" you'd have to depreciate it. You can probably do over 3-5 years, taking 50% of the value the first year.

Their is a negative to this though, if you ever sell or trade it in - and you've written it off - then you've got to show it as profit and pay taxes on the value unless your getting another one for business use. Of course, check with your accountant and don't rely on my advice alone.

 

make sure you give away your domains your not using for charity Now they they are all considered property and stuff... Some nice benefits to that



more slides here if anyone cares:

http://www.shoemoney.com/wp-gallery2.php?g2_view=core.ShowItem&g2_itemId=3790

 

Just push it off a cliff when your done... There is a nice little drop off at the end Santa Cruz in OB that would do the trick

 

Now that the section 178 is gone it makes a lot more sense to lease for business.

I JUST traded in my 2004 tahoe (last years business purchase) for a 2006 dodge charger RT <-- that is my actual car

I REALLY REALLY wanted to get the x5 4.8L but 80k was just too much for my blood... Especially with a baby on the way!

So I had to settle for a 4 dr sedan (with 400hp)

 

If you want a great write-off, give something to Goodwill. They will give you a blank receipt for it, and you can claim you've given them any amount of stuff you want LOL. Every year, end of december, I give them stock that was returned damaged from christmas and claim it all.

 

lol, yea Goodwill > me every year - you do have to show though an itemized list of what you donated, how much you paid for it, and how you determined it's value. Only if audited, of course. But remember, you don't want to go showing $20,000 in goodwill donations every year if you make $50,000... The IRS will flag you as a high risk and possibly audit you if you get too high. Good tax software will let you know though if it looks too high.

 

I don't see a section where there is more info about it.

 

hmm... pre 1993 and post 1993, what about 1993?

 

just click next image =P

 

Audi Q7 - That's the one I want for a Business Car!

 

My understanding is to write it off you would be much better off to lease the vehicle..

 

Talk to your accountant. Just put the vehicle in your company name. That is generally it. Did that with the boat, the cars... CRAP... My V-Rod is in my name. Damn, I think I am going to have to look into getting the Motorcycle written off too

 

now until first of the year I watch slickdeals.net like a hawk and buy lots and lots of "office supplies"

 

I wish they didn't get rid of that farm truck write-off from a few years ago. You could buy a truck/suv over a certain size and write most of it of as it was considerd a farm vehicle.

I think the closed it in 2003 or 2004.

 

I actually did that this year! 2 domains donated will be a nice deduction.


As far as a vehicle as BT stated lease is the best method 'according to my accountant' he could be wrong though of course.

 

I think I have a bunch of garbage domains that I keep renewing each year (checking my old registerfly account now )

 

I'm in Canada and to write off vehicle expenses you need to log you business milage and pleasure milage and you can only write of the relevant %. You can write off depriciation, interest, gas and maintanence costs base on this %. Most people don't keep track and just submit 50 - 75%, but if you ever get audited you will need to show proof. I don't know about the US, but Canada is a tax monster, and that's how it is here.

 

The keyword is "if" you get audited