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Some Deductions from the good ol' IRS...

Discussion in 'Business & Tax Advice' started by referraldude, May 4, 2011.

  1. referraldude

    referraldude Registered Member

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    Okay, SO....

    If you have a US-based business that is a registered business (LLC, S-Corp, C-Corp, Limited Partnership), please follow these instructions:

    1. Go to IRS.gov.

    2. Download the following forms (use search by the #'s below, they come right up):

    1. #334 - Small Business Tax Guide
    2. #463 - Travel Expenses - get reimbursed for vacations, trips, "client meetings", all of that.
    3. #535 - Business Deductions - equipment, software, hardware, marketing materials, etc.
    4. #552 - Record Keeping - self-explanatory
    5. #583 - Starting a business
    6. #587 - Home-based business deductions - if you run a "home operation", you need this.
    7. #929 - Hiring your children - get $1500/child in refunds next year.

      And the big one...
    8. #970 - Education/Tuition Deductions. E-books, courses, software, business-in-a-boxes, WSOs, all that stuff...reimbursed. Online education is still education, and the IRS will give you $ back for continuing your education.


    That's what I've got so far. Should give you back a few grand if you're in the US and have registered yourself as a business of some type at any point.

    Good luck, and happy deducting. :D

    "An ounce of action is worth a ton of theory."
    ~ Friedrich Engels
     
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  2. techlover

    techlover Registered Member

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    Wow, great tip! Thanks for the share!
     
  3. -Jericho-

    -Jericho- Jr. Executive VIP Jr. VIP Premium Member

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    I've been audited 3 times because the IRS loves me so much. I am an expense deducting machine. Won all my audits. The key is 3 card monty.

    The one thing with the IRS you need to remember is you are guilty till proven innocent. The best thing to do if you're hiding stuff is to throw them a bone and put their attention on something else.

    My audits were a bit bogus. It all started because of bad timing with an amended return and numbers not matching up. Then they just kept auditing me. It was all BS but I still won them all.
     
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  4. Coolof

    Coolof Registered Member

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    Did you fight them your self?
    my accounting tolm me that audit is very serious thing and i will ne to hire ... as far i remember CPA, and it can cost up to $4K (i live in NYC, if it makes difference)

    as far as i see all this - the best thing is to keep ALL paypal invoices. That's what i doing now.

    But for example if i pay for SEO and i want to deduct that some after, how shoul i act? ask the SEO provider to send me paypal invoice? not just send the money, right?
     
  5. suga051982

    suga051982 Regular Member

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    Thanks for the information. Some of it I knew already, but the rest will be very helpful for me next year. I am glad there is a place to some too and get helpful information. You were more helpful than the ppl that answer the phone at the IRS tax line.
     
  6. TNphoneman

    TNphoneman Senior Member

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    One thing that many seem to forget to mention is that you have to be an actual business with licensing and all in order to be able to take the deductions. An individual can not deduct business expenses.
     
  7. liquidadvisor

    liquidadvisor Newbie

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    very cool on the education credits!