What Do You Write Off As A Business Expense?

[Greenguy]

Off the top of my head, this is what I write off:
Car/Gas/Insurance
Health Insurance
Verizon Bill (cells & ISP)
Postage
Travel (air, hotel, food, etc)
Sabres tickets *
Office Supplies
Computers/Hardware/Software
Bank Charges (on business account)
Bank Loan
Hosting
Dues & Subscriptions **
Wages

* Sabres tix - I put every game online for sale & if they don't sell, then I go to the game with a business associate One of the 1st things my accountant told me was that if you talk business at dinner, it's a write off.

** Dues & Subscriptions - this covers a lot of things, like domains, ASACP Membership, State Remote - basically anything I have to pay for monthly/yearly that does not fit into the above.

So what do you guys & gals write off? Sharing all this might give some of us new ideas on what we're missing out on

[Cleo]

Phone Bill
Electric Bill
Bottled Water Bill
Internet Bill
Software
Computer Hardware
Accounting Bill
Office Supples
Alarm Bill
Hosting
Domain Names
Postage
Submitter Passes
Bank Charges on my business account only.
I'm a S Corp so I draw a paycheck each week.


Back when I actually went to trade shows business paid for them but it has been years since I've gone to a show.

My health insurance is though a deal with another company that I'm involved with so I don't pay for it.

I don't write off any of my car's gas or expenses since this biz doesn't require the use of a car these days but if I should start doing computer consulting again I would.

I'm pretty conservative on expenses since I've been through an audit and have a healthy respect for the awesome power of the IRS.

[Toby]

I know I don't take all I could, just the bigger expenses and the ones that are easy to track.

Health Ins
Travel (airfare, hotel, conference registration)
Computers, hardware, software
web site content (for my AVS sites)
hosting
domain registration
dues & subscriptions

[Ramster]

I write off everything I can. Also off the top of my head (cut & posted Greenie's lol)

Car/Gas/Insurance
Vehicle maintenance, oil changes, tires
Cells & ISP/Internet
Postage & Office Supplies
Travel (air, hotel, food, etc)
SENS hockey tickets
Computers/Hardware/Software
Bank Charges (on business account)
Bank Loan Interest
Hosting
Wages/Contract Labor
Accountant fees
Meals (Canada allows something like 50% of "business" meals)
Designs
Domain renewals/purchases
Content (photos & videos)
CMS monthly costs
MPA monthly fee

Percentages of home costs due to a home office:
Percentage of mortgage interest
Percentage of property taxes
Percentage of home repairs (haven't had any yet)
Percentage of home utilities

[Ramster]

I should add that vehicle maintenance, car payments, insurance and such is based on miles used for business. Mine is usually a low percentage since I was working from home and only had to travel for business on occasion.

Like when I had to go to Buffalo
Or Boston this year for my daughter's dance.. and a meeting too of course

Now however that is going to shoot way the hell up due to this job. Plus train tickets to and from Toronto, more meals... they might owe me

[LD]

Don't forget home office deduction, just be aware of the rules.

[Greenguy]

Originally Posted by LD

Don't forget home office deduction, just be aware of the rules.

My accountant advised me to NOT do this - he said it's almost instantly an audit.

[Cleo]

Originally Posted by Greenie

My accountant advised me to NOT do this - he said it's almost instantly an audit.

Ditto

Just pay utilities instead.

[LD]

Originally Posted by Greenie

My accountant advised me to NOT do this - he said it's almost instantly an audit.

Well, you gotta do what your accountant says, for sure. But I would recommend at least getting a second opinion. The rules have changed, and it's much easier now than before. I know lots of people that have been doing it for years with no audit. AMF, some of the things listed above are much more likely to trigger an audit.

[Ramster]

Originally Posted by Greenie

My accountant advised me to NOT do this - he said it's almost instantly an audit.

I will no longer be doing it now I assume because I am working for another company now. Be hard to explain a home office, even though I have one, and that I work 40 hours for someone else all week long.

[Greenguy]

Ram - I bet you can write off that apartment.

[dunc]

Coffee & Coffee machine
Charity Donations

Thats all I can add... but these are Australian of course.

My accountant also said that if I am travelling anywhere, pickup some local business cards - then claim the trip on tax... so I do

[mike1k]

I write off everything I possibly can.

[Ramster]

Originally Posted by Greenie

Ram - I bet you can write off that apartment.

Yes you are right I can.

One of the guys I use to see on the train to Toronto said even if you do not own a business you can right off the apartment rent because you have a residence elsewhere (home in Ottawa) and you have to travel to Toronto for work and rent an apartment in order to earn your income.

[Bill]

I'm also more conservative than I have to be. In the past I have not been agressive with writing off expenses.

I do however write off a home office, but very sparingly.

I was audited a few years back, I showed the auditor my home office setup, she nodded and said "that's fine". It wasn't an issue.

[bDok]

I write off the home office. I'm not afraid at all to do it because it is exactly that. It's where I work and do business. If anything I feel I'm conservative with my write offs.

I have some friends that about almost any dinner out and even if it's a lounge place that serves food and really all they did was drink there. That gets written off.

At the end of the day I listen to my accountant.

[stach14]

I also write off a home office deduction and have for years. My accountant stays up on the rules andit is worth it for me to get the small deduction. Follow the rules is the key.

[tickler]

One that I haven't seen listed yet is professional appearance ie. clothing, whether in a uniform sense or the power suit sense!

All those suits & accessories to look professional, + dry cleaning, get written off!

Ladies, that also includes makeup & shoes!

[Toby]

Originally Posted by tickler

One that I haven't seen listed yet is professional appearance ie. clothing, whether in a uniform sense or the power suit sense!

All those suits & accessories to look professional, + dry cleaning, get written off!

Ladies, that also includes makeup & shoes!

For a webmaster that works from home? That one would be a bit tough to justify during an audit.

[Greenguy]

You mean I can write off the pajama bottoms I wear all day?

[bDok]

Originally Posted by Greenie

You mean I can write off the pajama bottoms I wear all day?

Fuck yea you can. What I'd do is before you go on any trip that is when to do some of the more serious shopping for clothes. Then it lines up with the appearance that you were trying to have while doing business in vegas, etc.

[Greenguy]

bDok - I have to admit, that is a great expense that I have overlooked

[tickler]

Originally Posted by Toby

For a webmaster that works from home? That one would be a bit tough to justify during an audit.

I still work as a consultant occasionally, and run around the country to clients !

I'll take the same deductions that billion dollar corporations do!