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Can I write down two laptops as business expenses in my Taxes?

Discussion in 'BlackHat Lounge' started by tbootz, Jul 7, 2009.

  1. tbootz

    tbootz Regular Member

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    I'm planning on buying two laptops, one for me and one for my partner.

    We both work together as self employed IM's, and so we both need a seperate laptop. At the moment we have zero, because our old ones have broken down. I was thinking of claiming the cost in my tax returns as being business expenses, so then I receive the amount back and essentially get the two laptops for free.

    What I want to know is whether this is possible and what kind of "proof" or information I need in order to do this? Do I need some sort of proof of income online?

    Has anyone else done this?
     
  2. dominodivine

    dominodivine Newbie

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    I write off any equipment I deemed critical to my business success, but please don't take my advice because I am not qualified as an accountant or CPA.

    I recommend getting a good accountant for tax base questions
     
  3. eqsurplus

    eqsurplus Newbie

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    Keep the receipts and I think you have to 100% use it for business till the end of the year to claim it.
     
  4. TheInternetHustler

    TheInternetHustler Regular Member

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    I did, I wrote off all of it, and yes government, it was worth the extra $500 to get my macbook in black, it was an essential business expense :)
     
  5. powerpc

    powerpc BANNED BANNED

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    Nice uh... stack of 20s.

    Almost as good as this guy!:
    [​IMG]
     
    • Thanks Thanks x 1
  6. Jackalakus

    Jackalakus Junior Member

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    Yes... You could even write it off as a school expense.. Double dip baby Uncle Sam loves to give out welfare chex
     
  7. CyberGlitch

    CyberGlitch Junior Member

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    Yep, you can write it off. Just keep the receipts, nothing they can really do to prove it's 100% work related.

    Client of mine writes off his leased Porsche as a business expensive and company car. Has gotten away with it for many years to getting a new lease every 2-3 years.
     
  8. boomer23

    boomer23 Newbie

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    Yes, you can claim the laptops as business expenses.

    But no, that doesn't mean that you get them for free. It just means that you don't have to pay tax on the money you spent on them.

    When you claim a business expense you basically get to subtract it from your taxable income. So if you're in, for example, the 40% tax bracket, then Uncle Sam in effect is paying 40% of the cost of your laptops.

    But it's not a tax credit. You don't get any money back. It just reduces the amount of your income tax compared to what you would have had to pay if you had saved that money or spent it on a non-business expense.

    Boomer23
     
  9. character

    character Regular Member

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    lol his signature reminded me just of that picture

    watch out guys! TIH has over $1000!
     
  10. wowhaxor

    wowhaxor Executive VIP Premium Member

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    man I've been thinking that everytime I saw his sig. Glad someone put in the effort to bring it up ;)

    Really though, that is a nice looking $200 or so!