Tax Time! Any great deduction information?

NEW -> Contingent Buyer Assistance Program
And the IRS tends to look very closely at the "home use for business" in general.





For the self employed, there really is nothing better than a SEP-IRA. You can contribute up to 25% of your income or $45k (whichever is less) as pre-tax income.
 
<p>Winex, </p>

<p> yep, when i was a "dirty contractor" I love the SEP-IRA... it boosted my my IRA levels to Cpt. Insano levels.... Loved it!</p>

<p>Good luck</p>

<p>-bix</p>
 
<p>Awgee- on your comment to wtb:</p>

<p><strong><em>"And you may be able to deduct "home use for business" expenses, but I suggest you read up on the requirements for these deductions, especially depreciation and the ramifications thereof"</em></strong></p>

<p>I've heard to be careful regarding this write off in a home you own but what if the home office is not in a home you own, but rather one you are renting???</p>

<p>GITOC</p>
 
<i>"I've heard to be careful regarding this write off in a home you own but what if the home office is not in a home you own, but rather one you are renting???"</i><p>

Way better.
 
<p>Regarding deducting sales tax, do you really have to save receipts? When the option was first put forth, I read that it may be acceptable to claim a "reasonable" number, such as half your take-home pay times the tax rate. How much scrutiny is the IRS giving this one?





What if you bought a used vehicle--can you write-off the tax (use tax, not sales tax)?</p>
 
Daedalus - You may claim all your actual sales tax and you have to keep written evidence or you may use an IRS sales tax table for your state or you can deduct your state income tax paid.
 
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