Comments on: Boneheaded tax write-off of the week http://www.anti9to5guide.com/2007/03/25/boneheaded-tax-write-off-of-the-week/ Practical Career Advice for Women Who Think Outside the Cube Tue, 07 Oct 2008 03:27:45 +0000 http://wordpress.org/?v=2.0.4 by: Michelle Goodman http://www.anti9to5guide.com/2007/03/25/boneheaded-tax-write-off-of-the-week/#comment-22386 Thu, 01 Nov 2007 19:04:10 +0000 http://www.anti9to5guide.com/2007/03/25/boneheaded-tax-write-off-of-the-week/#comment-22386 cheryl, agreed. cheryl, agreed.

]]> by: cheryl http://www.anti9to5guide.com/2007/03/25/boneheaded-tax-write-off-of-the-week/#comment-22383 Thu, 01 Nov 2007 18:20:37 +0000 http://www.anti9to5guide.com/2007/03/25/boneheaded-tax-write-off-of-the-week/#comment-22383 As a freelancer you cannot make deductions based on "time", only on actual expenses incurred. You can't get money back if there was no money spent. So, while the web-tinkerer can't deduct the monetary eqivalent of his time, he can deduct any actual expenses related to improving or posting his site, such as hosting fees, domain names, and purchased fonts and software. Similarly (and unfortunately so), you cannot make deductions for time donated, or "pro-bono" work for non-profits. As a freelancer you cannot make deductions based on “time”, only on actual expenses incurred. You can’t get money back if there was no money spent. So, while the web-tinkerer can’t deduct the monetary eqivalent of his time, he can deduct any actual expenses related to improving or posting his site, such as hosting fees, domain names, and purchased fonts and software. Similarly (and unfortunately so), you cannot make deductions for time donated, or “pro-bono” work for non-profits.

]]> by: Michelle Goodman http://www.anti9to5guide.com/2007/03/25/boneheaded-tax-write-off-of-the-week/#comment-17918 Sun, 24 Jun 2007 01:29:17 +0000 http://www.anti9to5guide.com/2007/03/25/boneheaded-tax-write-off-of-the-week/#comment-17918 Adam, thanks for stopping by. I find it hard to believe a company with a site like yours doesn't have an accounting team, or at least an accountant, but OK I'll play along, in case someone reading this actually wants to know the answer to the question you raise in your thinly veiled spam... Note that you should not take anything I'm about to say as an actual accounting recommendation, as I'm not an accountant. Nor do I play one on TV... But as I understand it, any expenses (marketing or otherwise) you incur to land new clients and grow your business are tax deductible -- e.g., direct mail brochures, trade shows exhibits, etc. But the expenses have to be relevant to your business -- meaning you can't write-off a haircut you get to impress clients, unless maybe you're a supermodel. Capiche? But like I said, I'm no accountant, so I can't actually tell you how to do your taxes. If your company doesn't have an accounting department, or at least a bookkeeper, I suggest you get one -- stat. You can also learn a lot on the IRS website: www.irs.gov Adam, thanks for stopping by. I find it hard to believe a company with a site like yours doesn’t have an accounting team, or at least an accountant, but OK I’ll play along, in case someone reading this actually wants to know the answer to the question you raise in your thinly veiled spam…

Note that you should not take anything I’m about to say as an actual accounting recommendation, as I’m not an accountant. Nor do I play one on TV… But as I understand it, any expenses (marketing or otherwise) you incur to land new clients and grow your business are tax deductible — e.g., direct mail brochures, trade shows exhibits, etc. But the expenses have to be relevant to your business — meaning you can’t write-off a haircut you get to impress clients, unless maybe you’re a supermodel. Capiche?

But like I said, I’m no accountant, so I can’t actually tell you how to do your taxes. If your company doesn’t have an accounting department, or at least a bookkeeper, I suggest you get one — stat. You can also learn a lot on the IRS website: www.irs.gov

]]> by: Adam http://www.anti9to5guide.com/2007/03/25/boneheaded-tax-write-off-of-the-week/#comment-17814 Wed, 20 Jun 2007 21:13:23 +0000 http://www.anti9to5guide.com/2007/03/25/boneheaded-tax-write-off-of-the-week/#comment-17814 I don't know what marketing expenses are a write-off. If I run a profit loss statement the bottom line reflects what we made after our expenses. Surely some of those expenses are marketing expenses because we are a <a href="http://www.phoenixsynergy.com" rel="nofollow">Marketing Company in Phoenix</a>. So by write-off, do they mean "deductions applicable to the bottom line of our profit and loss"? I don’t know what marketing expenses are a write-off. If I run a profit loss statement the bottom line reflects what we made after our expenses. Surely some of those expenses are marketing expenses because we are a Marketing Company in Phoenix. So by write-off, do they mean “deductions applicable to the bottom line of our profit and loss”?

]]> by: Michelle Goodman http://www.anti9to5guide.com/2007/03/25/boneheaded-tax-write-off-of-the-week/#comment-7486 Sun, 08 Apr 2007 18:38:04 +0000 http://www.anti9to5guide.com/2007/03/25/boneheaded-tax-write-off-of-the-week/#comment-7486 "interesting" comment above, though i'm not sure what reality it's based in. i'm no tax pro, but word on the street is that if you don't pay your taxes (as Arthur's site suggests) you have to contend with garnished wages, property liens, and/or possible arrest warrants. i'm happy to take my accountant's word for it. “interesting” comment above, though i’m not sure what reality it’s based in. i’m no tax pro, but word on the street is that if you don’t pay your taxes (as Arthur’s site suggests) you have to contend with garnished wages, property liens, and/or possible arrest warrants. i’m happy to take my accountant’s word for it.

]]> by: Arthur Stopes, III. http://www.anti9to5guide.com/2007/03/25/boneheaded-tax-write-off-of-the-week/#comment-7158 Fri, 06 Apr 2007 00:38:30 +0000 http://www.anti9to5guide.com/2007/03/25/boneheaded-tax-write-off-of-the-week/#comment-7158 Hello, Michelle: I heard you via radio this morning, and - while you may be expert at own-time management - you could certainly benefit by NOT referring to the "IRS page on business expenses". WHY? The Internal Revenue Code is written in... Code. Naturally! I decode it. In fact, the IRS has actually changed - and even un-published - certain IRS publications ("Form W-4" and some Treasury Regulations), to make it more difficult for such as You and the general public to figure it out. (!) You should know (for starters), what the IRS really means by the (legal) term, "business". (Hint:You don't have one.) An example of one who has a 'business" per the IR Code is a "Member of Congress", because the term is defined as: "the functions of a public office". Do You have one of those? (See 26 U.S. Code, Section 7701(a)(26) - the I.R. Code.) Please call Me, at (510) 548 - 5238, at Berkeley, California state. (Not "CA" - that means a Federal POSSESSION in California state.) You see, it's a verbal minefield, out there! Sincerely, Arthur Stopes, III. (Legislative Analyst and Writer (L.A.W.) P.S.: You also should NOT use the term "self-employed"; you "work for yourself". I guess you acept "Form 1099's", too? (See , about REFUNDS.) Hello, Michelle:

I heard you via radio this morning, and - while you may be
expert at own-time management - you could certainly benefit by NOT referring to the “IRS page on business expenses”. WHY?

The Internal Revenue Code is written in… Code. Naturally!
I decode it. In fact, the IRS has actually changed - and even un-published - certain IRS publications (”Form W-4″ and some Treasury Regulations), to make it more difficult for such as
You and the general public to figure it out. (!)

You should know (for starters), what the IRS really means by the (legal) term, “business”. (Hint:You don’t have one.)

An example of one who has a ‘business” per the IR Code is
a “Member of Congress”, because the term is defined as:
“the functions of a public office”. Do You have one of those?
(See 26 U.S. Code, Section 7701(a)(26) - the I.R. Code.)

Please call Me, at (510) 548 - 5238, at Berkeley, California state. (Not “CA” - that means a Federal POSSESSION in California state.) You see, it’s a verbal minefield, out there!

Sincerely, Arthur Stopes, III.
(Legislative Analyst and Writer (L.A.W.)

P.S.: You also should NOT use the term “self-employed”; you
“work for yourself”. I guess you acept “Form 1099’s”, too?
(See , about REFUNDS.)

]]> by: Lynn http://www.anti9to5guide.com/2007/03/25/boneheaded-tax-write-off-of-the-week/#comment-6174 Thu, 29 Mar 2007 11:01:00 +0000 http://www.anti9to5guide.com/2007/03/25/boneheaded-tax-write-off-of-the-week/#comment-6174 Excellent guide. Will be sure to send all US-based freelancers I know to this post. Excellent guide. Will be sure to send all US-based freelancers I know to this post.

]]> by: Amber http://www.anti9to5guide.com/2007/03/25/boneheaded-tax-write-off-of-the-week/#comment-6146 Wed, 28 Mar 2007 20:19:10 +0000 http://www.anti9to5guide.com/2007/03/25/boneheaded-tax-write-off-of-the-week/#comment-6146 This is so incredibly helpful to me right now. Thanks for the timely tips! This is so incredibly helpful to me right now. Thanks for the timely tips!

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