| Sign in: |
| Members log in here with your user name and password to access the your admin page and other special features. |
|
|
|
|
|| SportsShooter.com: Member Message Board
tax deduction question
Stew Milne, Photographer
 |
Providence | RI | USA | Posted: 10:59 PM on 12.02.10 |
->> I just read that for 2010 tax year, you can deduct 100 percent of business-related expenses without amortizing.
Can anyone out there confirm this? |
|
Darren Whitley, Photographer
|
Northwest Missouri | MO | USA | Posted: 11:20 PM on 12.02.10 |
| ->> Yes, someone can. They're usually not on photo boards. You might want to try looking for an accountant. It's called credibility. |
|
Ric Tapia, Photographer, Photo Editor
|
Dave Prelosky, Photographer
|
Lower Burrell | Pa | US | Posted: 12:43 AM on 12.03.10 |
->> Stew,
I'm not a number cruncher by any means, so have someone on a professional level verify your situation.
The rules apparently changed several years ago, and the new take is (or was) the first $17,500 of capital expense (that which was formerly depreciated) CAN be claimed as a business expense in the year incurred. If you have a new body, lens, computer upgrade, lighting, office equipment, or other items, and have the cash flow go for it. AFTER you consult your tax advisor.
The key is ask first, spend later. |
|
Dave Prelosky, Photographer
|
Chuck Liddy, Photographer
|
Durham | NC | USA | Posted: 1:08 AM on 12.03.10 |
->> ask this dude. he be a smart in all things related to photography!
www.ehow.com//video_4984160_become-ap-photographer.html |
|
Margaret Bowles, Photographer
|
Tampa | FL | | Posted: 3:16 AM on 12.03.10 |
| ->> Yes, be sure to consult an accountant. I was audited three years ago for business expense deductions I took, and although I was right, it cost me $4000 to fight the IRS for three years. |
|
Adam Bettcher, Photographer
|
Minneapolis | MN | USA | Posted: 12:52 PM on 12.03.10 |
| ->> Did the Section 179 deduction (write off for capital expenses) change? I was planning (with my accountant) to write off all expenses instead of depreciating. |
|
Mark Peters, Photographer
|
Larry Lawson, Photographer
|
Portland | OR | USA | Posted: 3:49 PM on 12.03.10 |
->> ->> it cost me $4000 to fight the IRS for three years.
Figures the IRS would make someone pay to fight it.. I don't suppose you could write off the defense costs? |
|
Steven Mullensky, Photographer, Photo Editor
|
Port Townsend | WA. | USA | Posted: 8:06 PM on 12.03.10 |
->> I had to sell a vintage Rolex to pay for an irs audit defense a few years back. Then the agent came after me again the next year and he ruled against me but it was cheaper for me to pay than to fight. It still sticks in my throat like a piece of barbed wire.
IRS were targeting small businesses and those who used a home computer tax program. Since then I've had a CPA do the taxes. |
|
Stew Milne, Photographer
|
Providence | RI | USA | Posted: 9:48 PM on 12.03.10 |
->> Thanks everyone (except Darren...really?) for there responses. I had heard the Section 179 deduction had changed and just wanted to see if anyone here had heard so, or it was a myth. As always, I also consult my CPA in the end, but it was late when I heard and figured I didn't need to bother him right now with that question.
Chuck, I'll see if the eHow guy has some advice on how to not pay taxes. :)
Cheers,
-sM |
|
Angus Mordant, Student/Intern
|
Return to --> Message Board Main Index
|