Tax write off's
#1
Tax write off's
Hey all...can anyone clarify what constitues being self-employed? When you go to your accountant...will you have to provide proof...or can you just say that your self-employed..I am a fire fighter, but on my off days during the summer i do landscaping..i dont report it for taxes...its just kind of a side job here and there...wonder if that would work? thanks for your time..
#3
RE: Tax write off's
yes i am employed with a w-2 as a fire fighter...but i also am employed by my-self as a landscaper during the warmer season. My landscaping isnt a huge empire...but none the less it is self-employment i just dont make enough that i would report it...so should i mess with trying the hummer tax write off..or not...
#4
RE: Tax write off's
I suspect that if you try to write the the Hummer you will have to disclose your income and expenses as a landscaper to justify it. Whether that is worth it you will depend on what the numbers tell you but I would doubt the write off would = the hassle or savings. Only way to know for sure is to let your accountant tell you after showing him what you have.
#6
RE: Tax write off's
I am real estate investor and I go under self employed because I work for myself, i basically flip properties and build new construction homes. when I bought the hummer I knew it would be used for "play time" but I did use it for stopping by my construction sites and looking for properties so its work related and I wrote everything off insurance, gas, repairs, miles (a big pain).When you own a hummer u do get a little bit bigger break because the fact that it can qualify as a promotional marketing item, a vehicle that is used for business is a big deduction. Here is a article about it:
http://seattlepi.nwsource.com/local/...hummer17.shtml
http://seattlepi.nwsource.com/local/...hummer17.shtml
#7
RE: Tax write off's
The H2 falls into a weight catagory (over 6500 lbs.) that allows you up to $25k to be written off if you are self employed. In order to be self employed, you have to claim them money you make on your business. 3hummers is correct, an accountant will be your best bet to get you information on your own situation. Here's a link to the page that explains how the H2 falls into the "write off" category. http://en.wikipedia.org/wiki/Hummer_H2
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