Yes, they have been 'cracking down' for years now on things like that which is why the rules get slightly more strict each year. You just have to keep up with the changes if you do your own taxes. I'd recommend an accountant of course.
-----Original Message----- From: Aaron Rouse [mailto:[EMAIL PROTECTED] Sent: Thursday, March 27, 2008 7:33 PM To: CF-Jobs-Talk Subject: Re: Consultant vs. Employee If you write off a home office, just keep in mind you have to pay back some deductions if/when you go to sell your home. I do not know all the specifics on it but have been warned by many so just passing on the same warning. You can write off certain aspects of a car purchase as well although they have changed the laws a lot since I did it but when I did it I could have wrote off 100% of my trucks purchase but opted for 81% since figured the other 19 I would use it for personal use. I have heard they are breaking down on how you track things on vehicles but yet to experience any crack down. On Thu, Mar 27, 2008 at 6:22 PM, Bobby Hartsfield <[EMAIL PROTECTED]> wrote: > The traveling will definitely open up more deductions for you. Things like > regular car maintenance/repairs, mileage, gas, meals, lodging, > entertainment > can really give you a huge break when this time of year rolls around. > > You said you had a 'side' business before, which I took as you having a > full > time job and doing SOME extra stuff at home during off hours. If you are > full time for yourself now, a home office is also a huge HUGE tax break. > Not > only would you be able to deduct assets like computers, office furniture, > printers, paper, etc... you deduct a percentage of all utilities (lights, > phone, internet, trash pickup, etc...) Having a normal job anywhere kills > all of the home office deductions though. > > And of course there are so many other possibilities for deductions like > leasing equipment or even cars to yourself for business use. It's counted > as > overall household income and taxes have to be paid on it but it is also > deductible form the business end (which usually outweighs the former) I > knew > a guy who paid his wife a monthly salary from his business just for > putting > up with him so he could deduct it :-) > > > -----Original Message----- > From: William Seiter [mailto:[EMAIL PROTECTED] > Sent: Thursday, March 27, 2008 6:39 PM > To: CF-Jobs-Talk > Subject: Consultant vs. Employee > > I just finished reading this article on the subject: > http://www.asktheheadhunter.com/industryinsider6.htm > > It is very interesting to read the benefits of a Consultant organization > compared to a Headhunter, as well as how it works. > > I was wondering if anyone has any experiences with a good CF consultant > company? Or if one even exists? > > I was also wondering. > I am about to start a position as a 1099 employee through a general IT > consultant company, it was supposed to be perm-fulltime, but that fell > through in favor of Contract work. I was wondering if anyone has any > advice > on how to handle the 1099 situation. I know that this means that all cash > will be handed to me and I become directly responsible for all taxes, etc. > Does anyone have any advice for a novice at this type of contract? The > consultant office offered a w2 situation, but since all they offered was > tax > withholding, no benes, I figured it would be more profitable for me to > handle it. Put aside taxes in the form of CDs or such and reap the > interest > gains for my own pocket. > > I am also interested in reducing my taxes. I have had a side business of > consultant work for a while, mainly in front of my computer doing the same > development I was being paid fulltime to do. Now that I would be > traveling > for 1099 status, doesn't that open up my tax deductions widely? > > Any thoughts would be appreciated. > William > > > > > > ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Adobe® ColdFusion® 8 software 8 is the most important and dramatic release to date Get the Free Trial http://ad.doubleclick.net/clk;192386516;25150098;k Archive: http://www.houseoffusion.com/groups/CF-Jobs-Talk/message.cfm/messageid:3719 Subscription: http://www.houseoffusion.com/groups/CF-Jobs-Talk/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=11502.10531.11
