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Tax Write-Offs, "Small Business Exemptions"

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mikehoneal

Guest
I am a trim carpenter in S.W. Florida. I have been plying this trade for four years. Currently, I am a foreman but I am not independant nor am I licensed so that I could go independant.I proceed as if I WERE independant: my tools are used by those I supervise, advise and teach including the owner's relatives.I deal directly with the builder ( the owner of my companies boss)! It will take me another four months to get licensed, go independant, collect the workmans comp. my boss pays on me and let a tax accountant prepare my taxes. Are there any write-offs I can use this tax time. I am especially concerned about tools and gas. Your help is appreciated, Mike.
 


L

loku

Guest
Employee business expense

The tools you use in your job, either by you or by those you supervise, are deductible as an unreimbursed employee business expense. Your car expenses for business miles are also deductible. Generally business miles are miles you drove for business reasons; however, commuting miles are not considered business miles.

You can find detailed help on this in IRS Publication 529, Miscellaneous Deductions and Publication and Publication 463, Travel, entertainment, Gift, and Car Expense. Good interactive versions of those Publications are on the IRS site at: http://www.irs.ustreas.gov/forms_pubs/pubs/index.htm.

 
L

loku

Guest
Employee business expense

The tools you use in your job, either by you or by those you supervise, are deductible as an unreimbursed employee business expense. Your car expenses for business miles are also deductible. Generally business miles are miles you drove for business reasons; however, commuting miles are not considered business miles.

You can find detailed help on this in IRS Publication 529, Miscellaneous Deductions and Publication and Publication 463, Travel, entertainment, Gift, and Car Expense. Good interactive versions of those Publications are on the IRS site at: http://www.irs.ustreas.gov/forms_pubs/pubs/index.htm.

 

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