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Money and Finances
Reply to "Self Employed-s - What do you write off?"
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[quote=Anonymous]We use Turbo tax each year and I am not the tax person in my household, but it's my understanding that if you work IN your home as a self-employed person, much of these deductions are divided up by business and home use, so they're often small percentages of the actual cost that are deductible. For example, the space my office is in is an incredibly minor deduction - but I take it. The printer is used for work AND personal, so the deduction is very minor, but I take it. I deduct the obvious things like professional expenses, books and supplies, coffees at a client meeting, and hard drives for work data storage. The more fine-line/questionable things are coffee on the way to a meeting, a particular item of clothing I once had to purchase to attend a client's event (which I only went to to network), drinks that I had out where I ended up meeting someone with whom I discussed work and they subsequently became a client, gifts for client/their family, etc... The insurance premium thing is in question because we've paid through an employer and on our own this year (changed halfway through) so I need to look into that. The last year we paid through our own plan we did deduct it, I believe. It was a lot. I do deduct mileage at the federal reimbursement rate which is now 50-some cents per mile. I drive a lot, though. I only work part time from home and make less than $40K per year, so my expenses are not terribly grand or complicated. [/quote]
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