Results 1 to 17 of 17

Thread: TAXES for 2005

  1. 02-28-2006, 11:11 AM #1
    Smedman101's Avatar
    Smedman101
    Smedman101 is offline Associate Member
    Join Date
    Oct 2005
    Location
    The Dirty South
    Posts
    452

    TAXES for 2005

    Its that time again!!!!

    Any body write off milage, new clothes, cellphone bill, dry cleaning for your taxes??? I am in a position where I can do this..anbody else.

    Really my question is their anything I am overlooking to save a $ from "Uncle SAM"

    Reply With Quote Reply With Quote
  2. 02-28-2006, 11:32 AM #2
    Mizfit's Avatar
    Mizfit
    Mizfit is offline Banned
    Join Date
    Oct 2004
    Location
    Toronto Canada
    Posts
    8,867
    i dont write off jack
    Reply With Quote Reply With Quote
  3. 02-28-2006, 11:37 AM #3
    Smedman101's Avatar
    Smedman101
    Smedman101 is offline Associate Member
    Join Date
    Oct 2005
    Location
    The Dirty South
    Posts
    452
    Quote Originally Posted by Mizfit
    i dont write off jack

    If you file taxes...you should..govermnet does not deserve your hard earned cash!

    Cause later social security will be no more in 60 years
    Reply With Quote Reply With Quote
  4. 02-28-2006, 12:59 PM #4
    TheMudMan's Avatar
    TheMudMan
    TheMudMan is offline Retired~ AR-Hall of Famer
    Join Date
    Apr 2003
    Posts
    10,714
    You can write off interest on your mortgage, if you work from your home you also have more write offs there. This is why having an acountant is important. They can help you save a ton of money.

    Next year I will have a lot to write off from my business I own.......
    Reply With Quote Reply With Quote
  5. 02-28-2006, 01:10 PM #5
    oldman's Avatar
    oldman
    oldman is offline Anabolic Member
    Join Date
    Sep 2005
    Posts
    2,224
    I am self employed and right off as much as possible.

    I work from home so I take a percent of my Mortgage, Electric, Gas, Water and write it off. Cell phone, Phone, Miles, Office supplies, Meals with clients, Computer software, Computer hardware, long distance calls.. Hell if it is Anything that is business related you can write it off.

    If you own your home you can deducted your interest IF that plus any charitable giving is more than your standard deductions.

    I ended up paying almost $20,000 in taxes this year. It sucks but my accountant saved me about $6500 in total after writing off more than I thought I could take.. If you are de****g in higher $$$ get an accountant it is worth the money.


    My 2 cents

    ~Old
    Reply With Quote Reply With Quote
  6. 02-28-2006, 01:18 PM #6
    cfiler's Avatar
    cfiler
    cfiler is offline Anabolic Member
    Join Date
    Jul 2003
    Location
    Training my ninja Degu
    Posts
    7,185
    Sure, I'll post what I wrote off... then there will be a notice of audit in my mail later this week. Just kidding.

    I haven't done my taxes yet. Us Canucks do them later. Still waiting for my forms from work. GRRR... I want to get my money!
    Reply With Quote Reply With Quote
  7. 02-28-2006, 01:25 PM #7
    Smedman101's Avatar
    Smedman101
    Smedman101 is offline Associate Member
    Join Date
    Oct 2005
    Location
    The Dirty South
    Posts
    452
    Mortage interest!! yep got it. Car tag taxes also.

    Can I write of dental bills? I know I can for doc bills.

    Real CPA wont tell you what to do..you have to know or they wont give info....Or maybe I need to find a new tax guy
    Reply With Quote Reply With Quote
  8. 02-28-2006, 01:30 PM #8
    thegodfather's Avatar
    thegodfather
    thegodfather is offline Dulce bellum inexpertis
    Join Date
    Nov 2004
    Location
    Middle East
    Posts
    3,511
    I thought about writing off my tanning membership under the grounds that its used to help my SAD (Season Affective Disorder) during the winter...probably a little too far fetched though, lol...
    Reply With Quote Reply With Quote
  9. 02-28-2006, 01:49 PM #9
    L.Priest's Avatar
    L.Priest
    L.Priest is offline Banned
    Join Date
    Feb 2006
    Posts
    200
    If you own your home you can deducted your interest IF that plus any charitable giving is more than your standard deductions.

    lol.....much more to it than that bro.........
    Reply With Quote Reply With Quote
  10. 02-28-2006, 01:57 PM #10
    oldman's Avatar
    oldman
    oldman is offline Anabolic Member
    Join Date
    Sep 2005
    Posts
    2,224
    Quote Originally Posted by L.Priest
    If you own your home you can deducted your interest IF that plus any charitable giving is more than your standard deductions.

    lol.....much more to it than that bro.........

    I am not giving Tax advice just something to look at.. Yes I know there is more to it but it comes down to if you should itemize or just just use standard deducation. I have been SE for 7 years so I have a fair knowledge of what can and can't be written off. I just made too much dam money this year and did not spend enough so I got nicked with a high tax bill this time. Oh well the cost of doing business I suppose. Beats living under a bridge.

    Now from above if your CPA is not helping you find deducations you might want to find one that will. You do not want to chance an audit with crazy deducations but a good CPA will get you taken care of and in most cases keep you out of trouble.

    Peace

    ~Old
    Reply With Quote Reply With Quote
  11. 03-01-2006, 09:53 AM #11
    Smedman101's Avatar
    Smedman101
    Smedman101 is offline Associate Member
    Join Date
    Oct 2005
    Location
    The Dirty South
    Posts
    452
    Thanks Bro's Really appreciate all the info!
    You might have said it, I know alot about it; just wanted to see what others where thinking.

    I do nothing wrong and I have all my paper work in order and do NOT file false info. I have been under the bridge and on top of the Empire state building.

    But I tell you this... do not EVER go into business with your best friend! My life lesson learned.
    Reply With Quote Reply With Quote
  12. 03-01-2006, 11:41 AM #12
    L.Priest's Avatar
    L.Priest
    L.Priest is offline Banned
    Join Date
    Feb 2006
    Posts
    200
    I am a CPA, so this is my life....
    Reply With Quote Reply With Quote
  13. 03-01-2006, 11:53 AM #13
    Warrior's Avatar
    Warrior
    Warrior is offline AR-Hall of Famer
    Join Date
    Oct 2002
    Location
    6'0"/248lbs
    Posts
    6,982
    First 80,000 is tax free when you work overseas! Thats my nice tax break
    Reply With Quote Reply With Quote
  14. 03-01-2006, 01:40 PM #14
    RuhlFreak55's Avatar
    RuhlFreak55
    RuhlFreak55 is offline Purveyor of Thor's Hammer
    Join Date
    Jan 2006
    Location
    in dreamy land
    Posts
    33,788
    taxes? what are those......
    Reply With Quote Reply With Quote
  15. 03-01-2006, 02:02 PM #15
    Smedman101's Avatar
    Smedman101
    Smedman101 is offline Associate Member
    Join Date
    Oct 2005
    Location
    The Dirty South
    Posts
    452
    Quote Originally Posted by RuhlFreak55
    taxes? what are those......
    Yea I said that 12 years ago untill "UNCLE SAM" knock on my door!
    Reply With Quote Reply With Quote
  16. 03-01-2006, 02:16 PM #16
    RuhlFreak55's Avatar
    RuhlFreak55
    RuhlFreak55 is offline Purveyor of Thor's Hammer
    Join Date
    Jan 2006
    Location
    in dreamy land
    Posts
    33,788
    well technically i don't make any money.....so i owe them nothing.....
    Reply With Quote Reply With Quote
  17. 03-01-2006, 02:19 PM #17
    BIGDAN65
    BIGDAN65 is offline New Member
    Join Date
    Oct 2005
    Posts
    25
    Quote Originally Posted by Smedman101
    Mortage interest!! yep got it. Car tag taxes also.

    Can I write of dental bills? I know I can for doc bills.

    Real CPA wont tell you what to do..you have to know or they wont give info....Or maybe I need to find a new tax guy
    you need a new tax guy i help my clients find all their deductions
    Reply With Quote Reply With Quote
« Previous Thread | Next Thread »

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

Forum Rules