Claim What???????

G@PC

Guys, Here we go again with all of the end of year hassle involved in figuring out what kind of $$$$$ is going to be handled between you and Uncle Sam. Besides the basics, what are some of things you all will be claiming on your business taxes???? Hot Topic!

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If you can't fix it with a hammer.....You've got an electrical problem!

A.W.Davis

Theres a long list of things that can be claimed as a business expense. All of that should have been already documented by now by your person doing the books unless you have only been in business for a short time.

My accountant documents everything weekly in preparation for the tax season.


I will list a few of the obvious:


-gift cards to clients (under $25)
-Gas
-wear and tear on vehicle (theres a few ways of handling that)
-vehicle maintenance...i.e. tires, oil changes, etc
-office supplies


Thats just a little bit of what can be considered a business expense.

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A.W. Davis Construction Co.
http://www.awdavisconstruction.com/
Your friendly remodeling contractor

nlgutters

my gas grill, lawn mower, all my flooring and new siding.

A.W.Davis

I hope you dont get audited!

Okay.....Ill admit it...my new corvette, laptop, golf clubs, 60" LCD T.V. (I view educational dvd's) 22" rims for the service trucks. A new lift for my truck.

Life is good

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A.W. Davis Construction Co.
http://www.awdavisconstruction.com/
Your friendly remodeling contractor

G@PC

WOW! I wish I could claim my grill,clubs, and siding. Who do you use for your accountant. Dewey, Cheatem, & Howe?


I was actually looking for some of the more "obscure" (still legal) things that some of you have actually claimed. I'm all set with my books but who knows...next year I might add something to the list.

Keep em comming.

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If you can't fix it with a hammer.....You've got an electrical problem!

Jason Whipple

We claim millage on our truck. With the rising gas costs, I sure hope the IRS raised the pennies per mile. I'm closing out a few more project folders from last year, then it's time to get the Turbo tax going.

Anyone no what the mileage write off is this year?

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Jason E Whipple, General Manager
Historic House Restoration, Cincinnati, Ohio
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rbsremodeling

One of the biggest things I think alot of contractors miss is home office deduction. in conjunction with your commercial office deduction if you have one

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A.W.Davis

golf clubs= entertainment and is still a business writeoff. At least thats what my accountant has told me. Especially when you are golfing with other contractors talking business

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A.W. Davis Construction Co.
http://www.awdavisconstruction.com/
Your friendly remodeling contractor

gtdail

what happened to if u can't eat it you can write it off

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THE BITTERNESS OF POOR QUALITY LINGERS LONG AFTER THE SWEETNESS OF CHEAP PRICE IS FORGOTTEN.

rservices

I about 90% of my garage is used for work stuff the other 10% is lawn mower yard stuff.
I haven't taken home office in the past but I will be this year, I was wondering if I should include the garage space under office or is there another place to claim it
SUGGESTIONS ????????????????????????????//

KentWhitten

went from 48.5 to 50.5. I get the same. That .02/mile doesn't do jack.

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Custom Cabinetry - Portland, Cape Elizabeth, Scarborough, Kennebunkport, Yarmouth, Falmouth, Cumberland, Ogunquit, Maine

Salmon Falls Cabinetry

Jason Whipple

What a joke! Even if you get 15 miles per gallon that add's up to about .30 per gallon by there calculations. Gas has gone up way more than that plus factor in how much tires and repairs have gone up in a year

What a load of crap!

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Jason E Whipple, General Manager
Historic House Restoration, Cincinnati, Ohio
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Patrick

Let me guess, you listen to car talk?

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Originally Posted by Celtic
Like I said...I'm sure you are very good at what you do ~ whatever that is and where ever it happens.

Celtic

I claim just about everything I purchase, rent, buy, or lease.

Name something

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G@PC

I've been talking to several people about this and one of the electrical contractors I work with made his wife the VP of the company put her voice on the answering machine and bought her a new Escalade as a business expense.


RBS: Home office deduction. I haven't used it but I will definitely ask my acct. I try to add one or two new deductions every year. As a growing business and all. Lots of depreciation!

A.W. I agree: golf clubs do equal a deduction as long as you mention work. I also agree with the laptop but is there a governmental limit on the size of the rims? What if they are chrome with spinners?

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If you can't fix it with a hammer.....You've got an electrical problem!

threaderman

It is legal to claim it under office if it is a dedicated space.

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Joe ---International Code Council Member

Your plumbing & gas specialist proudly serving Oklahoma City OK, Moore, Warr-acres, Norman, Midwest City, Edmond, Bethany, Forest Park

nlgutters

yuo will be safer from the irs writing off a corvette then home office space. but if you are going too just walk around the house talking on the phone that way u can write off the whole house.

silvertree

I have a Hammond rock and roll organ and over 20 guitars in my office, I thought I could deduct those as medical, as in stress reducers and exercise equipment.

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Vote for Pedro
Kitchen, bath, St Paul remodeling
Minneapolis Remodel Blog
203K Loan Consultant Minnesota

rbsremodeling

I actually have dedicated office space at my house. Phones, fax lines, Office server, fax machines, files folders, the works. Its in the basement and part of the reason I bought the house

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BigoWhiteboy

I see many of my fellow contractors riding around in brand new vehicles every year and they say they depreciate them. How does that work?