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Tax Time is Upon Us!
So I want to hear some tricks of the trade. What do you write off, uniforms, cell phones, meals? What's your secret ingredient for getting the most back?
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Replies to This Discussion
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Permalink Reply by Darcy Neibaur on
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I took a CEU class my first year with Vivian Madison Mahoney titled Tax Dedutions. Learned so much. Take her class. You will be amazed as to what you can write off.
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Permalink Reply by Laura Allen on
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I've also taken tax classes from Margo Bowman (CPA AND an MT for about 40 years), and I did my own taxes for many years as a restaurant owner, and for the first couple of years I was in massage therapy.
Now that my husband has his own business, we own our clinic together, and I'm treated as an IC by all the entities that I teach and write for, I'd rather pay a professional to be sure every I is dotted and every T is crossed. Since I use QB Pro and every cent I bring in and put out is recorded, my deductions are maximized as far as possible.
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Permalink Reply by Vlad on
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IMHO if you have a good accountant they will pay for themselves, but it depends on how complex your return is too.
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Permalink Reply by Susan G. Salvo on
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The best advice I can offer is to max out your IRA (or whatever retirement account you have).
Oh, you don’t have one?
You can open one on or before April 15th 2010 and make a 2009 contribution.
Consult with your accountant to find out how much you can contribute to use it as a tax deduction.
This year, I turn 50. I can contribute up to $6000.
It’s Uncle Sam’s way of rewarding us for retirement savings.
Once the money is in, you can invest it stock, bonds, or CD (I am NOT a fan of mutual funds).
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Tax records all ready. I do them myself. I keep great records and save all receipts. I total everything each month. Just finished my spread sheet which I take to the tax man. Saves me bunches of money.
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