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It's that time of the year again!

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It's that time of the year again!

Old 12-17-11, 06:45 PM
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Re: It's that time of the year again!

Getting back to the OP, a forklift is extremely fun to drive as long as you have huge heavy pallets of stuff to move around. Go for it!
Old 12-17-11, 07:35 PM
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Re: It's that time of the year again!

Originally Posted by Superboy View Post
Seriously? don't bother calling the IRS unless you're the one who fucked up. If there's a disagreement and you think they're wrong, most of the time it's going to go to tax court.
Given that the tax expert I talked to thought it would be a good idea to go to the guy who was listed on the Rev Proc as the one to contact for questions, and given that if you rely on advice from the IRS and the deduction is ultimately disallowed you don't pay penalties, I think it's a good idea.
Old 12-18-11, 12:14 PM
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Re: It's that time of the year again!

Originally Posted by kvrdave View Post
Full sized pickups are still the steal. 100% depreciation in the year you buy it. That goes away next year if not extended. Think about that....suppose my rentals showed a $50k profit this year and I had need of a truck. My current one is a 2006 and the depreciation was for 5 years. I could pay around $15,000 in income taxes on that money, or I could buy a $50,000 truck and owe nothing.

Damn, may have to look into that. It would still be stupid for me since my current "garbage" truck has less than 20,000 miles on it. Though being a V-10, you couldn't afford to put too many on it.
1 Percenter!!!!!
Old 12-18-11, 12:42 PM
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Re: It's that time of the year again!

Just thought of this: portable scanner!
http://www.amazon.com/Brother-DS-600...4233596&sr=8-2
$129, can scan legal size papers.
Old 12-18-11, 11:49 PM
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Re: It's that time of the year again!

Originally Posted by OldDude View Post
That or perhaps if Congress didn't create cushy loopholes for themselves and their buds, perhaps the rest of us wouldn't try to lern and exploit them.
Are you sure you don't live in Illinois? Our state legislators raised income taxes this year to cover their own incompetence. Anyway, Sears and the Chicago Mercantile Exchange threw temper tantrums, so the legislators just passed major tax cuts for them (about $30 million each). Along the way they tossed the citizens a bone by raising the individual exemption from $2,000 to $2,050 ... so a 5% income tax break on an extra $50 that is exempt means ... $2.50 for me! SCORE!
Old 12-19-11, 01:11 AM
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Re: It's that time of the year again!

Awesome.
Old 12-19-11, 09:39 AM
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Re: It's that time of the year again!

Originally Posted by X View Post
Absolutely.

You can depreciate the value of the building (not land) up to the percentage of the building that is being used solely for business. It's over a long period of time (29.5 years?) so it's not that big a deduction. You have to recapture that depreciation when you sell the building though, so it's not exactly free money.

My issue is taking depreciation from the past decade that hasn't been claimed yet. That's significant when you can take it in one year.
I thought a certain amount of (% of square foot) of your home had to be "dedicated" to the home business. And I thought it had to be a "true business". The example I've seen before is the one or two chair barber shop.

But I wouldn't think you could do much if you used half your garage to make and sell your 5 bird cages a month on ebay.

But then I failed "Income Taxation" when I was working on my CLU, so...maybe I'm wrong..LOL
Old 12-19-11, 10:07 AM
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Re: It's that time of the year again!

I got an iPad this year and use it a bit for work. How do I figure out how much of the cost I can deduct? I don't know what I'm doing.
Old 12-19-11, 01:18 PM
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Re: It's that time of the year again!

buy this

http://mashable.com/2010/05/14/ipad-gold/
Old 12-19-11, 01:51 PM
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Re: It's that time of the year again!

Originally Posted by ben12 View Post
I got an iPad this year and use it a bit for work. How do I figure out how much of the cost I can deduct? I don't know what I'm doing.
This only works if your self employed. If you work for a company it is assumed they will pay for all business requirements.

And I'm not sure "using it a bit for work" would qualify for anything.
Old 12-19-11, 02:14 PM
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Re: It's that time of the year again!

Our sales charts are more indicative of the path of the red bird, shown here... whereas the competition is looking more like... this. No, no, wait.

This.

Only 2 stars, let's go over these numbers one more time.
Old 12-19-11, 02:41 PM
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Re: It's that time of the year again!

Originally Posted by 4KRG View Post
Hmm...

Old 12-19-11, 02:43 PM
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Re: It's that time of the year again!

Originally Posted by Sdallnct View Post
I thought a certain amount of (% of square foot) of your home had to be "dedicated" to the home business. And I thought it had to be a "true business". The example I've seen before is the one or two chair barber shop.
I don't run a barber shop, but the space is solely dedicated to a true business based at home.
Old 12-19-11, 03:11 PM
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Re: It's that time of the year again!

As X states, my understanding is that the room within the home needs be used solely for the business in order to get the deduction, i.e. a half office/half bedroom would not apply.
Old 12-19-11, 10:22 PM
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Re: It's that time of the year again!

You could pick up one Stressless recliner now and a few more to match after you expand. I'd go for the 1080p projector and a box of needed cables/etc. from Monoprice. Full use isn't necessary, is it? You don't use your printer every minute of the day, but it's still office equipment.

Small stuff: Printer ink/ribbons, light bulbs, carpet/floor cleaning, paint, electrical work.
Old 12-19-11, 11:01 PM
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Re: It's that time of the year again!

Originally Posted by Sdallnct View Post
This only works if your self employed. If you work for a company it is assumed they will pay for all business requirements.

And I'm not sure "using it a bit for work" would qualify for anything.
It is an area where being self employed is awesome, especially if you have an office. Xbox 360 at home is just a game system...but at the office it is a client entertainment device. Completely deductable.
Old 12-20-11, 03:59 AM
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Re: It's that time of the year again!

The self-employment tax still stings a bit, though...
Old 12-20-11, 09:49 AM
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Re: It's that time of the year again!

Originally Posted by ResIpsa View Post
The self-employment tax still stings a bit, though...
You're paying it even if it appears your employer is paying half anyway.
Old 12-20-11, 10:04 AM
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Re: It's that time of the year again!

Originally Posted by ResIpsa View Post
The self-employment tax still stings a bit, though...
Yeah, even if your effective income tax rate is 20%, that will put you over 35%. Thus, work your butt off to use the tax code to your advantage.
Old 12-21-11, 08:35 AM
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Re: It's that time of the year again!

Originally Posted by Sdallnct View Post
This only works if your self employed. If you work for a company it is assumed they will pay for all business requirements.

And I'm not sure "using it a bit for work" would qualify for anything.
So I was right!

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