Jumat, 04 Januari 2008

Potential tax deductions

In the previous post, I mentioned some of the ways I generate extra income. I'm always looking for more, of course, and will share them with you as I find ones that work out well for me. However, this is the time of year when the tax man calleth, which means we all want to pay less in taxes and keep more of our income. But, we want to do this in the most legal and ethical ways so that we know we are paying our fair share without overpaying.

I don't take a home office deduction because I don't actually have an area of my home that's fully dedicated to business. My rooms are multi-functional for now, though it might be worth it to set aside some space just for that purpose. It's something to think about. I did buy a new desk chair this year, but I won't be able to take it off my taxes as an office furniture deduction because of the reasons mentioned already. However, I may have some other things that can be deducted.

  • My Toshiba laptop, purchased with the intent and used for blogging, paid blogging, and networking.
  • My Lexmark printer, used to print off important business related documents.
  • Ink cartridges for the printer.
  • Paper for the printer.
  • Charitable donations to Habitat for Humanity and Heifer.org.
  • Mileage on my car for non-reimbursed trips made for McDonald's.
  • Clothing for my job at McDonald's.
  • Any fees from PayPal incurred when getting paid for online writing assignments.
  • Part of my internet connection via AirCard and previously via dial-up.
  • Part of my ISP service before I switched to AT&T wireless.
  • Domains and site hosting.

Naturally, I'll be consulting my tax preparer with all these and may learn that there are more things I can actually deduct. I won't file until I have all my records in good order. I want to get it all done soon, but I don't want to rush through it and miss something.
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