It's TAX time!

Happy, Happy, Joy, Joy....

Just thought I would start a thread so we could all moan together! Ask you questions here. Let's all get the maximum deductions we can. Here are just some things to remember. I will add and you can add too!

1. PLEASE don't forget to take the home office deduction
2. ANYTHING you might have used even just a smidge for your business and have a receipt for can be deductable.
3. Credit card statements cannot be used as a receipt
4. Don't forget milleage.

Glad we have three months to do it -eech! Mooooooan ; /
Don't forget clothing, hair cuts, food and car expenses.
I did the milage thing but does car registration, county tax, inspection and emissions expenses count too?
Susan

This is my first incorporated tax year - really curios to see how I fare.

Amazing you can deduct things like haircuts! Plus you don't need to pay 40-50% tax after 25% VAT ;-)
Also need to figure out my tax and all that. But it is normally not so hard, just a bit boring.

I keep my books, mileage log, travel expenses... and give it all to my accountant to figure out!! I keep the household books on the same system so he prorates the household expenses that are allowable to the business... I love the car being a business expense!!

Haha, this is why I'm not heartbroken if Jan is slow - it's tax time! (Also Re-Vamp/Update/Etc Time)

Hair cuts? Really? I expense haircuts with the actor section of my taxes, but I hadn't thought of haircuts...makes sense, since appearances matter...I've had shiny "Hair Bling" in my hair for the last 2 months (think...industrial-strength tinsel tied in, that can be washed, blow-dried, straightened, curled...) and want to buy more colours. It's fun and goes along with the nature of our work - tax deductible, do you think?!

Keeping a mileage log is amazing...

I used to shove all of my receipts in a folder, and would have to spend an entire day sorting the bloody things out...A couple of years ago I bought a milk-crate type filing box, and sorted all of my receipts into it directly (into months for non-deductible things, and into categories for all of my actor stuff.). This year (well, last Jan), I got another for FP/BT receipts. They're not in order still, but it will be SO much easier to do all of the spreadsheet work if they're already categorized...

Susan - I would think that all of the other car-related things would count too, since they're all going towards the car/your work, right? I'd check with your accountant.