How did you manage to write off a saxophone
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I can write off some things such as mods and some DIY stuff ... but only because of the nature of my Biz.
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You guys are missing the obvious answer. You can claim "hobby expenses" as a tax write off as long as the hobby does NOT produce an income greater than the expenses. Now in order to claim ANY itemized deduction, your TOTAL of ALL itemized deductions must be greater than your standard deduction.
So how much would you have to spend for that to be possible
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That one I am not sure of. I was joking with the lady that did my taxes about it and she asked me to bring the receipt and made it happen. I don't question the god... or people who understand tax code (I think they are robots)
Like i said, I don't remember who said it. It could have been a customer ill never see again
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Most likely answer- they weren't audited.
I could write anything and everything off. Until an auditor appears, I would get away with it.
I know. I know. Bullette waves paws excitedly!!
If I own a business or work as a consultant, I give gifts to my customers. If I give an ecig kit/PV to a customer or some ejuice, it becomes an expense of doing business. Haha. Kinda like sending chocolates or gift baskets to customers near the Christmas holidays.
Now if I order 2 bottles of juice & give 1 as a gift, who's gonna know that I kept the other for myself??
Not ethical, but doable.
If I own a business or work as a consultant, I give gifts to my customers. If I give an ecig kit/PV to a customer or some ejuice, it becomes an expense of doing business. Haha. Kinda like sending chocolates or gift baskets to customers near the Christmas holidays.
Now if I order 2 bottles of juice & give 1 as a gift, who's gonna know that I kept the other for myself??
Not ethical, but doable.
The standard deduction for 2012 taxes is $11,900 for a married couple or $5,950 if you are single. You can take that or a list of allowable expenses that exceed this amount, but not both. To deduct vaping as a business deduction, you have to show income from the business that isn't listed on a W2 form (W2 makes you an employee of some one else) to be able to deduct cost of goods sold or given out as samples to attract business. I'm betting that unless you can show medical use for vaping, it's not deductible except as a hobby. Medical expenses have to exceed 7.5% of AGI before they count.
You might want to consult a tax professional. I'm not one.
Ten Tips For Deducting Your 'Hobby' - Forbes.com
You might want to consult a tax professional. I'm not one.
Ten Tips For Deducting Your 'Hobby' - Forbes.com
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Off topic a lot but money saving thought, wonder why home insurance companies do not give non -smokers a break(they might) on their rates. Know that I can't find a lighter in my house now where before vaping they where plenty around the house and fire does cause more fire.
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depending on the tax professional used
last year my tax person said "you can't do THAT!" and it cost me money...new tax person, refiling that one!
I justify a lot of business purchases with "but it's a write off!"....i do talk to my clients about vaping...that counts right?
like going to dinner and saying "how's work? good? i'll take that receipt thanks" (i don't do that but i know ppl who do)...this could be a very expensive line of thinking for me.... LOL
Just ask the client if he knows how to spell the word "business". When he's says "yes". Then you say, "ok. We've discussed it. ". Then write it off. LOL
My nephew and his wife jointly own a commercial construction company. They are co-owners in a private corporation. That allows them to take a vacation here and there to look at a potential construction contract for bid. There's always one that needs to be assessed at the beach. It usually takes a week to properly assess that invitation to bid. They also get to go out once a year for a nice dinner and call it an annual corporate business meeting. They both have $50,000 crew cab trucks. She uses hers to haul her horse trailer back and forth and go to her nursing job at the hospital. He uses his for business.
It's all legal ... kind of ... but fun for them. The IRS rules allow it in the context of what they do.
It's all legal ... kind of ... but fun for them. The IRS rules allow it in the context of what they do.
If you use it as a part of your work and pay for it out of your pocket, you may be able to deduct some of your expenses related to that use. There are limits though. You wouldn't be able to for example write off stuff you use in your own free time. That's probably pretty difficult to quantify. I would recommend talking to an accountant or at a minimum a professional tax preparer before trying to do this. But generally employee work related costs are deductible regardless of independent contractor status.
If you are an independent contractor and you work for an electronic cigarette store, you need to understand the equipment you are selling...
Are Training Expenses Tax-Deductible? | eHow.com
It wouldn't work for ongoing supplies, but it might allow for first-time purchases of any products sold by the store?
NOTE: This is all just speculation by me, using nothing but what I hope might be considered common sense
NOTE: I have no tax expertise, and am definitely not advising this unless it is legal
Are Training Expenses Tax-Deductible? | eHow.com
It wouldn't work for ongoing supplies, but it might allow for first-time purchases of any products sold by the store?
NOTE: This is all just speculation by me, using nothing but what I hope might be considered common sense
NOTE: I have no tax expertise, and am definitely not advising this unless it is legal
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