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Old 06-16-2009, 06:14 PM
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mac60 mac60 is offline
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Join Date: May 2008
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Quote:
Originally Posted by Chickenhauler View Post
Either you're rolling in some serious revenue, or you need a new accountant-the amount of deductions allowed for a home based business are unbelievable if the accountant knows their tax law.

One major one that is overlooked is business mileage deduction, which for 2008 was 58.5 cents per mile when used for business purposes. Trip to the grocery store? Business. Toy store? Business. Training and certification? Business. It adds up fast, and if you keep an accurate journal, you'll find that an overwhelming majority of your miles is business related. Ten here, 20 there, and before you know it, you have a $5k+ deduction in mileage.

I always urge anyone who is operating a business to talk to a quality CPA who specializes in self employed persons. A good accountant will save you their fee in the first 15 minutes of the appointment.

You may feel you're getting the raw end of the stick on your power bill, but who else gets to write off their pets, lawn care, snow removal, furniture, carpets, etc on their personal home?
I have 2 dogs, and I do NOT write off my pet expenses and never have. I do take mileage, my husband mows the lawn, I clear the snow, we have not bought new furniture since I have been doing dc or new carpets. I do have a CPA that does my taxes, and I DON"T make big bucks. Hell, I only get $85 per child for a fulltime kid here, well I should say $80, $85 is my new rate coming up.

Last edited by mac60; 06-16-2009 at 06:26 PM.
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