If you really want to go numb because you just have to know, read this neat little page I found that goes through a few key pointers:
http://www.amerilawyer.com/sevenreasons.htm For the record, all of my LLC's are S Corps. So when I espouse any "tips" it's coming from running several multi-partner and single entity LLC S Corps. Tony's point is outlined here: "Also, sole proprietors with home office deductions face even more risk of audit by filing the IRS Form 8829 (Expenses for Business Use of Your Home) for home office deductions." BUT "******S or C corporations avoid such scrutiny.****" Not saying they are exempt - there are just different process allowed more often for them. Read: http://learnthat.com/2001/03/shelter-your-small-business-from-tax-audits/ Also - An example of what one can do with their little LLC: This year, one of my LLC's bought a vehicle. Any and all repairs, maintenance and gas now runs through the business for that vehicle. It is of course not our sole vehicle, but even if it was, it is quite common for a person to use a "company car". And there's many different ways to log the use. It may seem complicated, but if you do freelance, and report the income as "self-employed" without any corporation protection, ESPECIALLY programmers, then you leave yourself open for a) lawsuits with no asset protection, and b) higher taxes. I know Greg asked what he thought was a simple small question ... but I thought this list here was to help each other out? Keep each others back so to speak? If it is - then I provide this info and cautions to that respect. I'm not aware of the majority of the people on this list being multi-millionaires with deep pockets, so I figure every dime we can keep legally is another dime we could use. If ya'll want me to shut up, just say so. I'll stop trying to show you ways to protect more of your income. :) On Thu, Jan 20, 2011 at 8:55 PM, Cameron Childress <[email protected]>wrote: > > On Thu, Jan 20, 2011 at 3:32 PM, Greg Morphis <[email protected]> wrote: > > As a developer I just don't see me needing many "business" expenses. > > Aside from computer hardware (maybe some software) that is. I don't > > plan on travel or anything like that. > > I was just checking to see if it's worth deducting part of my rent, > > and home bills. I don't think I have enough deductions to meet the > > standard deduction amount. > > Hardware, Software, Hosting, Utilities, Internet, Mobile Phone, > Mileage when you drive to the store to buy said software & hardware, > visit a client, certain meals... > > You might not have many of these but it's worth thinking about a little > bit. > > -Cameron > > -- > Cameron Childress > Sumo Consulting Inc > http://www.sumoc.com > --- > cell: 678.637.5072 > aim: cameroncf > email: cameronc@gmail. > > ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Order the Adobe Coldfusion Anthology now! http://www.amazon.com/Adobe-Coldfusion-Anthology/dp/1430272155/?tag=houseoffusion Archive: http://www.houseoffusion.com/groups/cf-community/message.cfm/messageid:333660 Subscription: http://www.houseoffusion.com/groups/cf-community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/groups/cf-community/unsubscribe.cfm
