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#1
09-09-2007, 09:57 AM
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 Tax Time Coming
With the end of the year looming, I'm trying to get prepared for tax time. This will be my first year of claiming my online income and I just want to be sure that I'm ready. I'm planning to claim my computer, we just bought it a couple months ago, as well as my internet service, and I was thinking that I can claim part of my utility bills as well, is that right? Like electric and phone, since I use them in my business. Can I also claim a percentage of my mortgage, since I use my home as my office?
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#2
09-10-2007, 01:49 AM
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Better do your math well and don't forget to submit. I was slapped with a fine last month for forgetting to submit mine....
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#3
09-10-2007, 05:09 AM
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Be honest in paying taxes and never pay any fine for wrong things.
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#4
09-12-2007, 02:17 PM
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That's exactly what I hope to avoid. I don't want to start off my first full year of working online by paying fees  |
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#5
09-13-2007, 05:05 AM
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| Re: Tax Time Coming
Learnt my lesson well i guess...
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#6
09-24-2007, 10:17 PM
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I'm sure you did, Fendi  |
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#7
09-25-2007, 01:24 PM
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| Re: Tax Time Coming
There are several items you can include when doing your taxes such as your utilities, maitenance, etc. It is based on the amount of space inside your home that you use for "office and storage". I don't remeber the particular IRS form that you use for home business. I use TurboTax every year to do my taxes and I think it's great. I reccommend that you use TurboTax or other tax software or hire an accountant. Also, I do know the IRS scrutinizes home business deductions closely. If you are honest and accurate, you shouldn't have any problems.
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#8
09-27-2007, 03:39 PM
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| Re: Tax Time Coming
I had actually thought about trying Turbo Tax, and not dealing with outside help I figured I could probably save a little money by doing them myself.
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