Yes. You should have proof of everything you claim in case of an audit and OMG I hate those receipts that fade to nothing! They should be illegal.
-----Original Message----- From: Aaron Rouse [mailto:[EMAIL PROTECTED] Sent: Thursday, March 27, 2008 8:24 PM To: CF-Jobs-Talk Subject: Re: Consultant vs. Employee What I heard recently was that you had to provide proof in the form of receipts for things like fuel expenses and so on. Something I have always kept although I can not help but wonder how they would gather any proof from those things since they tend to discolor in a month or two to the point where you can not read them at all. On Thu, Mar 27, 2008 at 7:12 PM, Bobby Hartsfield <[EMAIL PROTECTED]> wrote: > Yes, they have been 'cracking down' for years now on things like that > which > is why the rules get slightly more strict each year. You just have to keep > up with the changes if you do your own taxes. I'd recommend an accountant > of > course. > > -----Original Message----- > From: Aaron Rouse [mailto:[EMAIL PROTECTED] > Sent: Thursday, March 27, 2008 7:33 PM > To: CF-Jobs-Talk > Subject: Re: Consultant vs. Employee > > If you write off a home office, just keep in mind you have to pay back > some > deductions if/when you go to sell your home. I do not know all the > specifics on it but have been warned by many so just passing on the same > warning. You can write off certain aspects of a car purchase as well > although they have changed the laws a lot since I did it but when I did it > I > could have wrote off 100% of my trucks purchase but opted for 81% since > figured the other 19 I would use it for personal use. I have heard they > are > breaking down on how you track things on vehicles but yet to experience > any > crack down. > > On Thu, Mar 27, 2008 at 6:22 PM, Bobby Hartsfield <[EMAIL PROTECTED]> > wrote: > > > The traveling will definitely open up more deductions for you. Things > like > > regular car maintenance/repairs, mileage, gas, meals, lodging, > > entertainment > > can really give you a huge break when this time of year rolls around. > > > > You said you had a 'side' business before, which I took as you having a > > full > > time job and doing SOME extra stuff at home during off hours. If you are > > full time for yourself now, a home office is also a huge HUGE tax break. > > Not > > only would you be able to deduct assets like computers, office > furniture, > > printers, paper, etc... you deduct a percentage of all utilities > (lights, > > phone, internet, trash pickup, etc...) Having a normal job anywhere > kills > > all of the home office deductions though. > > > > And of course there are so many other possibilities for deductions like > > leasing equipment or even cars to yourself for business use. It's > counted > > as > > overall household income and taxes have to be paid on it but it is also > > deductible form the business end (which usually outweighs the former) I > > knew > > a guy who paid his wife a monthly salary from his business just for > > putting > > up with him so he could deduct it :-) > > > > > > -----Original Message----- > > From: William Seiter [mailto:[EMAIL PROTECTED] > > Sent: Thursday, March 27, 2008 6:39 PM > > To: CF-Jobs-Talk > > Subject: Consultant vs. Employee > > > > I just finished reading this article on the subject: > > http://www.asktheheadhunter.com/industryinsider6.htm > > > > It is very interesting to read the benefits of a Consultant organization > > compared to a Headhunter, as well as how it works. > > > > I was wondering if anyone has any experiences with a good CF consultant > > company? Or if one even exists? > > > > I was also wondering. > > I am about to start a position as a 1099 employee through a general IT > > consultant company, it was supposed to be perm-fulltime, but that fell > > through in favor of Contract work. I was wondering if anyone has any > > advice > > on how to handle the 1099 situation. I know that this means that all > cash > > will be handed to me and I become directly responsible for all taxes, > etc. > > Does anyone have any advice for a novice at this type of contract? The > > consultant office offered a w2 situation, but since all they offered was > > tax > > withholding, no benes, I figured it would be more profitable for me to > > handle it. Put aside taxes in the form of CDs or such and reap the > > interest > > gains for my own pocket. > > > > I am also interested in reducing my taxes. I have had a side business > of > > consultant work for a while, mainly in front of my computer doing the > same > > development I was being paid fulltime to do. Now that I would be > > traveling > > for 1099 status, doesn't that open up my tax deductions widely? > > > > Any thoughts would be appreciated. > > William > > > > > > > > > > > > > > > > ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Adobe® ColdFusion® 8 software 8 is the most important and dramatic release to date Get the Free Trial http://ad.doubleclick.net/clk;192386516;25150098;k Archive: http://www.houseoffusion.com/groups/CF-Jobs-Talk/message.cfm/messageid:3722 Subscription: http://www.houseoffusion.com/groups/CF-Jobs-Talk/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=11502.10531.11
