Hi folks, I do home based part-time consulting in addition to my full time job. While doing my taxes I realized that I can deduct the mileage spent going to Bank, Post Office, Client’s Office and Hardware Store. I didn’t not log my miles every time I got in and out of the car but my bank deposit proves my travel to the bank, my credit card purchases prove my travel to hardware store and my PO BOX proves that I had to go to post office to pickup the mail.
Is that enough proof to deduct my 700 miles for business errands for past year ?
My total number of miles for the year is about 9500 miles which out of that 3500 is for commuting to my full time job office.
I keep reading that IRS scrutinizes mileage deductions and it’s a well known red flag. Is it even worth taking the 0 deduction here, especially that I didn’t keep a detailed daily log and my only proofs are what I listed above?
I understand that each trip needs to be logged and proved. Can this log be created at the end of the year using the transaction information from Credit Card, Bank Account and online map to see the miles traveled ? Or does it HAVE to be logged on the same day of the trip.

I work full time out of state for a company, in which I have to provide my own internet. I do not have enough to itemize my deductions on a schedule A, so I am not able to include this expense in there. I do however have freelance income and loss that I fill in on a schedule c-ez. Is is OK to include my internet bill that is used primarily for my full time job in my itemized losses for my freelance job? And if so, I read somewhere if you have w-2 income, you cannot claim more than 2% of your income in business expenses, would this apply?

Business tax question? I am stumped!!!!?
I ran a business in 2008. It was a plumbing business. I started this business in August 2006. Over the years I have deducted certain assets. Some I depreciated and some I took the 179 deduction. Now where we are not doing business as of now.My husband took a full time job. What happens when I do my taxes this year? Can I still deduct the depreciation where the business ran for 9 months? Also I purchased some assets that I put in at the beginning of the year before I knew the business was going under. Can I deduct those Items for the 9 months I used them? Do I have to dispose of these assets? What about next year where there will be no income. Thanks Janine
By the way I am using turbo tax.

I have a Sole Proprietorship currently and have been urged to change it to a C Corp. I was told that the tax deductions would be better. I’ve been in business for 5 years and am starting to make a profit. Which is good for my pocketbook, but isn’t so good for my tax liability. I also have a full time job where my employer provides insurance for myself and my family. If I Incorporate I would quit my full time job and work as a subcontractor thus making myself responsible for everything. I would also then have to have a partner/employee. I am eager to grow my business and am concerned if this is the correct next step. Any advice will be accepted.

I have a question about tax form 3800 "General Business Credit" I have a full time job so taxes are being taken out of my check etc. But I also have my own painting business. I have a contract with a local apartment complex. They told me at the end of the year they would send me tax form 1099 Misc.

Anyway I will make over 5k and I was wondering if I would be able to use tax for 3800 for anything. I was looking over the form and in Part II section 9 it tells me for individuals to enter the amount from form 1040 line 39. My question is am I able to deduct the standard deduction which is "single" "head of household" ect. depending on which one I qualify for on the 3800 tax form also?

If I am thinking correctly that would be a double deduction, once from form 1040 and then from form 3800. Can anyone help me with this or am I really missing something.

Thanks

Section 179 tax deductions only apply if you use the vehicle more than 50% for business, what actually qualifies for business use?

So section 179 tax benefits are for vehicles that have more than 6,000 lbs GVWR.

I plan on buying a Tundra that is over 6,000 lbs. I generally use it about 60% for business. I would like to increase that to increase my first year deduction. If I were to place an ad on my truck for my business, does that qualify the vehicle as 100% business since it’s a running billboard?

Also, since my business doesn’t make more than the truck value (k) as long as my salary covers, I’m good to still deduct up to my total income (business + full time job), right?

http://www.smsmallbiz.com/Tax-Deductible_Business_Vehicles.html

I would like to take the full ,000 write off at 100% vs at 60%.

I earn an income from a regular full-time job, but very occasionally (every few years) I also earn additional income as a freelance writer. In the past, I have tax-deducted writing-related business expenses only within the tax years in which I earned writing income. During years where no writing income was generated, I kept records of all writing expenses but did not claim them as deductions.

This year (2006), I again will be earning money from my writing, the first writing-related income since 2003. My question: can I deduct not only 2006 writing expenses, but also writing expenses incurred in 2005 and 2004? In other words, are such expenses accumulative, a kind of multi-year loss which can be retroactively deducted once income finally is generated?

I am a graphic designer. I have a full time job, work for an advertising company, from 9-5. I am seeking for a better job opportunity, also want to get side business for graphic design. I have started to build my portfolios for these purposes. I have bought a new PC, a new camera and a new desk in late 2007 to work on my portfolios in the evenings and weekends. My intentions are (1) Job search – present the portfolios to my potential new employer, (2) Side business – present the portfolios to my potential clients to work on side business. The protfolios building will be done soon in March/April 2008. I do not have any clients yet.

Questions:

A) Will the PC, Camera, new desk expenses be eligible for income tax deduction? I use the PC, for 20% personal usage, the 80% is devoted to the graphic design to build my portfolios. The camera is 100% dedicated to the graphic design.

B) If I could deduct the expenses, what tax forms do I use, and do I need to separate between job search and business expenses?

C) What about the home office expense, I also bought a new desk in my study in 2007. Can I deduct a portion of my rent, utility, phone, supplies, that are dedicated to my study room?

Thank you very much for your help!

I under withheld in my regular full time job and owe alot in taxes…i have a part time home based business that i spent alot more on than i made, can i use deductions to offset the revenue as well as lower my gross income from my regular job? I read u can only use the deductions up to whatever the revenue was for the home based business?

I started a small Web-based business out of my, mostly for fun and to learn about dot-com stuff. The business isn’t making any money yet and don’t expect it to do so for at least a year or two. However, there are expenses related to running it, i.e. home office supplies, heat, water, web space, etc. Can I take any deductions off the income from my full-time job?