posted September 11, 2003 11:56 AM
Does anybody know of a good website where I can find what I am able to write off at the end of the year now that I am working at home? I went to the irs site but I don't know what to look for!
TIA!
velvetsky WAHM.com regular
posted September 11, 2003 12:01 PM
I write off all my office expenses, anything I buy that is job related ex: supplies, phones, office furniture etc. Also I write off the space in my home that is used to work in, phone bill, long distance, even part of my a/c bill. Anything that has to do with your job you can write off. I would double check with your tax advisor though since things tend to be different in each state. HTH
velvetsky WAHM.com regular
posted September 11, 2003 12:03 PM
Sorry I didn't answer you question about if I know of a website. I would think there would be some information located at the IRS site but I would personally think the best thing to do is talk to your tax advisor as I mentioned above.
Seechelle916 WAHM.com regular
posted September 11, 2003 01:07 PM
Thank you that does help knowing that I can hopefully write off some stuff!
waha1 WAHM.com regular
posted September 11, 2003 01:32 PM
There are a ton of deductions you can take, but it can be confusing. The best thing to do is take your stuff (receipts, bills and pay records (1099's)) to an accountant at the end of the year and have them dig through it all. That way you don't miss anything. They can also figure out what your estimated tax will be next year because you will have to pay quarterly your second year... HTH!!!
Dawn the Dear WAHM.com regular
posted September 11, 2003 08:52 PM
You want to be extremely CAREFULL about writing off the space in your house. If you own your house, when you sell it you have to reallocate any $$ you earn from the sale back into the tax allocation that you wrote off. Be carefull and go to a good tax advisor. Ask them for the pros and the cons of writing off the space.
If you rent - well - nevermind. have a blast spending the extra money.
velvetsky WAHM.com regular
posted September 11, 2003 08:57 PM
I have to disagree with that Dawn the Dear. My father is in Real Estate and I own my home. I have done my homework with my tax advisor and it's not a problem at all. Bottom line is it's different in every situation and every state so the best thing to do like I mentioned earlier is talk to your tax advisor and he will help you with it. You'll be fine!
waha1 WAHM.com regular
posted September 12, 2003 12:57 AM
Ok, according to the IRS website (in laymans terms because I am NOT a tax person)... If you rent, you can deduct a portion of monthly rent for your business office "Rental". If you own your home then you cannot deduct anything off of your payments to pay "Rent" on your office.
You can deduct a portion of your water, electric, gas, etc. for your office space IF your office is a separate room used only for business wether you own or rent.
Like I said, I am not a tax professional and it is always best to get a pro's opinion. Otherwise you get into too much trouble.
Seechelle916 WAHM.com regular
posted September 12, 2003 10:37 AM
Thank you, I rent and my office is also the dining room...although we normally eat in the living room! LOL I appreciate your insight I will talk w/a tax advisor!
velvetsky WAHM.com regular
posted September 12, 2003 10:49 AM
Right Waha..she should get a pro's opinion because I do deduct space and I own my home. Don't make this harder than it needs to be. Just seek advice in your area and you'll be fine.
waha1 WAHM.com regular
posted September 12, 2003 12:00 PM
Well, it is best to check with a tax advisor. I just checked the updated IRS website, and for 2002 there were lots of changes. Now you CAN deduct for mortgage interest, where you could not last year. There are all kinds of other additions to what you can deduct...
That is why I am not a tax pro
Best thing to do is keep excellent records and send everything to an accountant!!! You can deduct that expense too LOL!!!
velvetsky WAHM.com regular
posted September 12, 2003 02:20 PM
LOL Waha its nuts huh and gets confusing. All I can say is I'm glad I don't do that profession for a living.
Please note: The opinions expressed within WAHM.com forums and mailing lists are not necessarily those of WAHM.com. Any advice given by forum or mailing list participants is not endorsed by WAHM.com. By participating in these discussions, you agree to allow WAHM.com and its parent company Maricle Media, Inc. and its affiliates to use, reproduce, display and distribute your contributions, in any medium now existing or hereafter developed. Your personal information will not be sold or used by WAHM.com. Use of email addresses posted on these boards for the purpose of sending unsolicited email is prohibited.
posted September 11, 2003 11:56 AM
