Home Newsletter Resources

Go Back   Small Business Forum > Small Business Management > Accounting and Taxes
Register FAQ Members List Calendar Search Today's Posts Mark Forums Read

Reply
 
LinkBack Thread Tools Display Modes
  #1 (permalink)  
Old 11-14-2004, 10:40 PM
isc isc is offline
Assistant Vice President
 
Join Date: Mar 2004
Posts: 39
Max that you can claim.....

What is the max that you can claim on each thing when doing business taxes???? or is there a list or a link to a list????? What i mean is what is the max i can claim on office cost, utilites and advertisement for example??????
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
  #2 (permalink)  
Old 11-16-2004, 10:07 AM
OldJack OldJack is offline
Managing Director
 
Join Date: Aug 2004
Location: Missouri
Posts: 152
You may claim only what you actually spent.

IRS Publication 587, "business use of your home", (31 pages) has the instructions and an example of form 8829 where you claim mortgage interest, utilities, insurance, taxes, etc. Form 8829 type expenses are limited to your net profit from the business, in other words you can't use home expenses to create a loss. http://www.irs.gov/pub/irs-pdf/p587.pdf

Expenses not connected to the home are fully deductible on 1040 Sch-C and do not go on the form 8829. Examples would be expenses such as advertising, office supplies, business telephone, etc.
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
Reply



Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


All times are GMT -4. The time now is 02:14 PM.


Powered by vBulletin Copyright ©2000 - 2008, Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.0.0 RC5
smallbusinessforum.com

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30