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Super_Cool_Stephy
Haute SISter (801)
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# Posted: 30 Jul 2008 14:24
Okay so this weekend is tax free weekend here in TN and I was contimplating wether I should buy the MAC I've had my eye on. Here is my problem. I am working on starting up a photography business. Would this be a tax writeoff? I would be using it for photography and photography IS the reason why I am buying it. What do you think?
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livingroomfloor
SISter Elle (1911)
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# Posted: 30 Jul 2008 14:32
Yes, it's a tax writeoff...just remember that means you get to write off the tax you would have to pay on the item, not the item itself.
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Trynity
Vogue SISter (3061)
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# Posted: 30 Jul 2008 14:36
Office equipment/materials/tools have to be "ordinary and necessary" -- accepted in your business, helpful and appropriate. If your expense is partly used for personal reasons, make sure you only write off the business part.
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Super_Cool_Stephy
Haute SISter (801)
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# Posted: 30 Jul 2008 14:37
ok i see. would that be considered a business expense? So a computer should be tax deductable, so I could write off the purchase at the end of the year? I just dont know how this would work.
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Super_Cool_Stephy
Haute SISter (801)
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# Posted: 30 Jul 2008 14:41
Office equipment/materials/tools have to be "ordinary and necessary" -- accepted in your business, helpful and appropriate. If your expense is partly used for personal reasons, make sure you only write off the business part.
So if the computer is only used to edit pictures and graphic design type things I could deduct the initial purchasing price of the computer?
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Trynity
Vogue SISter (3061)
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# Posted: 30 Jul 2008 15:08
if you plan on using the computer exclusively for business and any and all related software components (i.e MS Office or Adobe PS, etc) would also be included
if this MAC is going to replace a home computer & is used for both personal and business matters, then the expense of the computer is not deductible. Instead, you will need to keep a log of the time you use it for business purposes, much like with your home office. Then, determine a percentage of your time in which you use the computer for business and that is how much of the computer is deductible.
unless the MAC will be used for business purposes only. This will allow for the entire expense of the laptop to be deductible.
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Super_Cool_Stephy
Haute SISter (801)
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# Posted: 30 Jul 2008 15:39
thanks guys for your help. Sorry for always asking a million questions.
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livingroomfloor
SISter Elle (1911)
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# Posted: 30 Jul 2008 16:15
Tryn is the person to talk to...she's a tax ninja.
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mrschez
Model SISter (2541)
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# Posted: 30 Jul 2008 16:17
I wanna be like Tryn when I grow up
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livingroomfloor
SISter Elle (1911)
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# Posted: 30 Jul 2008 16:35
Um...yeah. We all do.
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mrschez
Model SISter (2541)
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# Posted: 30 Jul 2008 16:50
lol!
minus the miller lime something or other
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nanbhack
SISter Elle (1594)
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# Posted: 30 Jul 2008 22:08
*is in awe that TN has a tax free weekend*
*IS JEALOUS!!*
have fun girlfriend!
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