Anyone know about business tax write-offs?
- Thread starter DontTouchMyHoHos
- Start date
Different states (and counties obviously) have different rules. I used to write off items for "business use" from miles driven, "uniform", gas, and parts when I used to race. Most of it was cut and dry and I just itemized everything. You had so much money to be able to claim items as an independent business though (at least in Virginia in the early 2000s)
Well i'm military and my wife has a business that im funding so im trying to figure out how to do this. We are in north carolina, but home of record is Illinois.
That's easy. Also military but I haven't itemized since I've been in (13 years). But I would call up armyone source or if your at Bragg (the mothership for me) go hunt down a finance nerd. They all itemize... and do s8 money magic.... and know all the tricks.
write-offs can be tricky. to be honest that's what I pay my accountant for. you can use a variety of methods from a tax service like H&R Block among countless others. to using an accountant (which is pretty expensive). just remember to keep every receipt and log all miles and maintenance on your vehicle when using it for company business. With tax laws varying by state and changing every year leave it to the pros. then if your audited they have your back.
I'm looking for more advanced tips and information. I know about all the basics, i.e. hold receipts, the programs can help etc. looking for more info like tax brackets, how much per dollar would I expect per tax brackets, or how is there a minimum I need to have in order to have a tax write off. I did some looking previously, but a lot of the jargen was messy.
that's why I mentioned leaving it to the pro's. H&R block has offices open all year round that you can call and ask questions, plus they do work with small businesses. In all honesty if I were you that's who I would talk to.
Beerjerker
Grand Admiral
Maybe this is a resource you'd find helpful. (Big maybe, never used this before myself.)
https://www.veteranownedbusiness.com/526/bookkeeping-services
That might help you find an accountant who has worked with a similar situation in the state you are trying to do it. I'd definitely get a professional's opinion, and a professional who has experience with the military, if you are trying to do anything very complicated.
Maybe also try https://www.usaa.com/inet/ent_logon/Logon?redirectjsp=true but they would probably need you to do your banking with them.
https://www.veteranownedbusiness.com/526/bookkeeping-services
That might help you find an accountant who has worked with a similar situation in the state you are trying to do it. I'd definitely get a professional's opinion, and a professional who has experience with the military, if you are trying to do anything very complicated.
Maybe also try https://www.usaa.com/inet/ent_logon/Logon?redirectjsp=true but they would probably need you to do your banking with them.
I know when I did itemized and claiming for a business I used an accountant at first. I asked tons of questions before I went solo with it and luckily never had any issues. In all my years of paying taxes I never was audited... till last year and it was to my benefit.