for business owners (tax deductions)

[BrandiDup]

For any of you who run your forums as an online business and have to file taxes at the end of the year, are things like your vbulletin software tax deductible? I know for regular jobs you can sometimes include things like cell phone, a portion of clothing, gas, etc as deductions. So, I had just wondered if I could claim things software related for an online business. I know this is a far stretch, but what about anything hosting related (hosting costs)?

Also, is there a certain income bracket that you have to be under to not have to claim things like membership fees on the forums? I thought I had read an article somewhere saying you don't have to claim membership fees (or maybe it was money made off of advertising) if you made less than $600 a year. I don't remember for sure though.

Thanks in advance! :bunny:

[OKIHost]

I do claim these things as I have already checked with my CPA but I would highly suggest talking to your tax person before taking mine or anyone elses word on it.

[AN-net]

yes and also hosting costs can be deducted as well.

but as mentioned talk to a tax professional and also try visiting http://www.irs.gov

[BrandiDup]

OK, I'll do that then. Thanks! :banana:

[who is chris c]

i deduct anything computer related because its for business purposes and i depriciate whatever else i can

[SaintDog]

Generally, anything bought specifically for the business can be deducted including but not limited to: software, business supplies, equipment etc. Last I recall, and this may vary state to state, though you may also be able to qualify for a home-office deductable if you use your home as your workplace. Gas is also generally deductable if you keep a record of your milage.

It is always best to keep a receipt or, if online, the transaction ID. My CPA requests them and makes duplicate copies for obvious reasons .