ditto on the equip purchases. just easier. On 4/2/07, Nick McClure <[EMAIL PROTECTED]> wrote: > I'm with Tony on the house stuff. I was advised against it. Now for > hardware, you can do it two ways, you can write off the purchase price, > or you can write off the depreciated. > > I write off the purchase price as a loss and take that as a capital loss > against my personal taxes. Usually in 3 years the stuff I buy (Camera > Equipment) either doesn't depreciate (Lenses) or I sell them by that > point (Camera Body) > > -----Original Message----- > From: Tony [mailto:[EMAIL PROTECTED] > > > > As for expenses, keep receipts. Also keep a log of milage and fuel > when meeting with clients or picking materials, software, hardware, etc. > Estimate what percentage of your square footage is used for your coding, > etc. and estimate what percentage of the day it is used for that purpose > and use that for deducting part of your mortgage/rent. > > > > i.e. If you use an office that is 12% of the total square footage for > coding, but use that same office for 3 hours of gaming every night you > can deduct 7/8th (21/24) of the 12% of your mortgage/rent. > > > > Track every expense, including training. In some circumstances, your > lunches may be deductable. Software you purchased for this job is also > deductable. Hardware needs to be depreciated. You can use a 3 to 5 > year depreciation schedule on this. Three years gives you the best > results in most cases. > > > > Get a good tax accountant to help with your planning this year and > your return next year. > > > > > >
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