Tax Tips
Did you know that being self employed (by the Government’s definition) that you can write off a wide variety of expenses and save a bundle on your taxes?
Here is a partial list of things you can write off. Check with your tax consultant to see which ones apply to you.
Car Expenses
Either 'Actual Auto Expenses' such as oil, gas, maintenance, repair, tires, payments, parts, insurance, license fees, depreciation, washing and waxing, damage, garage rent, etc. or Use the 'Mileage' Option. If you choose mileage you can write off 32.50 cents per every business mile you drive (for 2000). You must keep a mileage log. For example: a 10,000 miles means a $3,250.00 write off! Which ever way saves you the most.
Entertainment/Travel
Eating out
Plane, bus, train, and boat fare
subway fees
certain gifts
Office Supplies
Pens, pencils
paper
paper clips
white out
stapler
rubber bands
envelopes
stamps
and much more.
Shop supplies
cleaning supplies
brooms and mops
rakes and shovels
waste baskets
Education
College courses
trade school courses
books
seminars
audio and video tapes
training by a Consultant
Work Space
You can write off the space you work in. If you rent office space somewhere you can write off the rent and utilities.
You can also write off the part of your home that you use for work. For example, if you use 15% of your home's square footage solely for work you may be able to write off 15% of your mortgage payment and utilities and insurance.
Misc.
You can write off just about any cost you incur supporting your business.
For example:
Parking costs
toll fees
various types of insurance
work clothes
baby sitters/day care
advertising costs
telephone service
Internet service
software
telephone cords
computer cables
extension cords
presentation supplies
signs
Purchased Property
Car
Truck
boat
land
buildings
tools
equipment
computers
printers
machinery
livestock
Purchased Services
Tax preparation
legal fees
computer programming fees
computer/ office machine maintenance
lawn maintenance
janitor/ maid service
repair work
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