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I know it's far away - tax deductions

Discussion in 'Anything goes' started by BRoth, Jun 27, 2007.

  1. BRoth

    BRoth Member

    Recently started the first gig and I got to thinking today about what I should keep my eye on for tax deductions.

    I know some deduct their mileage (how do you do that? Just keep your reimbursement from work or receipts?) but was curious about what else people deduct, whether work related or otherwise. On a side note, are contacts deductible since they could be considered medical?

    Thanks for any help/suggestions.
  2. EStreetJoe

    EStreetJoe Well-Known Member

    as you said mileage (since the federal allowance is higher than what most companies pay, you can deduct the difference)
    -- a portion of your cable/satellite, internet and cellphone bills if you use them for work and don't get reimburse by your employer for their use (maybe 10-20% of the bill, depending on how much you can justify as being work-related.. keeping up on sports for a beat, calling sources, etc.)
    -- meals you don't get reimbursements for
    -- books/supplies you don't get reimburst for or your employer doesn't supply (stylebooks, pens, notebooks, media guides, etc.)

    I'm sure others can add to the list
  3. BRoth

    BRoth Member

    So for mileage, is it a case of having to hold on to reimbursement figures as put into my paycheck or should I start saving all receipts from gas?
  4. Hank_Scorpio

    Hank_Scorpio Active Member

    Or keep track of miles driven on your car. Keep a small notebook or something in your car (jot down odometer readings whenever driving for work).

    Deduct however many miles you turn in to the company.
  5. Clerk Typist

    Clerk Typist Guest

    Keep track of your mileage and how much you get paid for it compared to the federal mileage rate. You can deduct the difference as an unreimbursed business expense (Form 2106, I think).
    If you do freelance work:
    A second telephone can be deducted in full (plus, usually, business long distance calls from the first phone).
    Equipment needed to do your job (from pens up to a computer) can be deducted, usually over several years. Cable/satellite in part or full, depending.
    Subscriptions to profesisonal publications (which in this case would include SI).
    If you have a home office:
    That percentage of rent and utilities that would cover the square footage of the office. But be careful if you own, because then you lose part of a writeoff on sale of that house and purchase of another, which is way to complicated for me (or the IRS, from reading their form) to explain.
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