{"id":154,"date":"2010-03-31T16:43:02","date_gmt":"2010-03-31T16:43:02","guid":{"rendered":"http:\/\/buckroth.wordpress.com\/?p=154"},"modified":"2013-03-29T07:33:20","modified_gmt":"2013-03-29T14:33:20","slug":"tax-write-offs-hints","status":"publish","type":"post","link":"http:\/\/mydiabeticsoul.com\/?p=154","title":{"rendered":"Tax Write-Offs (HINTS)"},"content":{"rendered":"

Okay, it is that<\/em>\u00a0time of year again.\u00a0 You know, the infamous and oftimes procrastinated Tax Time<\/em><\/strong>.\u00a0\u00a0 This essay, so to speak, will discuss and remind you about itemizations<\/em>.<\/p>\n

I first became acquainted with the term “itemization” when having to prepare and calculate business executives’ reimbursements as an Executive Assistant.\u00a0 Although this procedure was ongoing many, many<\/em> years ago, what I learned in taking care of them<\/em> I have since applied to myself.<\/p>\n

Once becoming a sole-proprietor,\u00a0I organized all useful receipts into a labeled accordian\u00a0file.\u00a0\u00a0Such a file has approximately\u00a0twelve pockets.\u00a0 If the already-labeled pocket is useless to me, I cross it off with a black marker\/pen and print how I will use it.\u00a0 For instance, “Rent” has been replaced with the word “Postage”\u00a0because I do not rent. \u00a0Your\u00a0receipts pertain to your operations, your life,\u00a0and are all the proof you have if the Internal Revenue Service finds a need to ask you any questions = auditing<\/em>\u00a0(scary).\u00a0 Such a file may be purchased at any office supply store (e.g., Office Depot, Office Max, Sam’s Clubs, Costco’s, college book stores, even some grocery stores).\u00a0 No, they are not musical.<\/p>\n

I do not mind sharing that I am highly organized, considered OCD (http:\/\/voices.yahoo.com\/what-ocd-6874648.html<\/a>).<\/p>\n

At this juncture, I must tell you that I am not a licensed professioanl\u00a0accountant by trade.\u00a0 I am a sole-proprietor that operates her businesses in her home.\u00a0 Because many of my customers require me to visit their places of residence and\/or work, my (1.)<\/strong>\u00a0automobile’s gasoline usage is one write-off.\u00a0 My vehicle(s) are write-offs and they have\u00a0the business painted on them. \u00a0When customers visit me in my home office, I am allowed to itemize (write-off) a third of my home: (2.)<\/strong>\u00a0one third\u00a0of my mortgage, one third\u00a0of my car insurance, one third\u00a0of my toilet paper because they use my restroom, one third\u00a0of my utility bills (gas, water, electricity, heat, air conditioning), one third\u00a0of my house phone and cellular phones becasue\u00a0that is how people contact me.\u00a0\u00a0My advertisments (3.)<\/strong>\u00a0are write-offs (e.g., business cards, marketing tools such as give-away-pens to possible customers; posters; flyers, etc.\u00a0 (4.)<\/strong>\u00a0More write-offs would include the price to attend seminars and conferences pertaining to my professions.\u00a0 (5.)<\/strong>\u00a0Educatonal\u00a0expenses of all kinds, down to the smallest purchase of pencils and erasers – anything of use to operate your business – books needed to update your business or something in your business.\u00a0 (6.)<\/strong> Postage is a good one.\u00a0 (7.)<\/strong> Capital Equipment, although it carries a ‘deprication value,’ is still useful (e. g., computer, printer, scanner, all the software you use, etc.).\u00a0 (8.)\u00a0 Business Expenses can be a paramount of things such as paper, pens, a flash drive or two, and the stick-in-the-computer-thingy.\u00a0 This list can be endless<\/em>!\u00a0 (8.)\u00a0<\/strong> An Entertainment Expenses also has a separate pocket in the accordian file.\u00a0 Receipts from client breakfast, lunches, dinners, in-betwee-coffee-business-chats are saved and used.\u00a0 The key word is business<\/em>.<\/p>\n

KEEP AND ORGANIZE YOUR RECEIPTS!<\/strong><\/p>\n

When making a purchase that will benefit a charitable organization, (6.)<\/strong> that is a write-off.\u00a0 For instance, because the proceeds from the sales of my book called “My Diabetic Soul” will go to the Barton Center for Diabetes Education, that is another write-off for you.\u00a0\u00a0 Any and all reading materials (book) to progress your operable knowledge in any field is a write-off!<\/p>\n

Other receipts to keep in your ever-so-accommodating-accordian-file would pertain to (7.)<\/strong> medical expenses, and (8.)<\/strong> entertainment expenses (e.g., lunches and dinners for present or soon-to-be customers; food purchased for promotional endeavors; the change you hand out to a wanderer, etc.).<\/p>\n

To conclude,\u00a0I am sure you are fully enlightened and capable of organizing your receipts.\u00a0 No, it is not always a pretty sight.\u00a0 Keep in mind that as a United States citizen, you are assisting our government in providing services to the ‘general public.’\u00a0 If done properly, and with the assistance of a (9.)<\/strong>\u00a0paid-for-accountant (also a write-off), your State Refund Check will arrive in four weeks; your Federal Government Refund Check will arive in six weeks.<\/p>\n

Good Luck!\u00a0 Persevere!\u00a0 And Get ‘R Done!<\/p>\n

A. K. Buckroth<\/p>\n","protected":false},"excerpt":{"rendered":"

Okay, it is that\u00a0time of year again.\u00a0 You know, the infamous and oftimes procrastinated Tax Time.\u00a0\u00a0 This essay, so to speak, will discuss and remind you about itemizations. I first became acquainted with the term “itemization” when having to prepare … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-154","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"http:\/\/mydiabeticsoul.com\/index.php?rest_route=\/wp\/v2\/posts\/154","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/mydiabeticsoul.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/mydiabeticsoul.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/mydiabeticsoul.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/mydiabeticsoul.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=154"}],"version-history":[{"count":2,"href":"http:\/\/mydiabeticsoul.com\/index.php?rest_route=\/wp\/v2\/posts\/154\/revisions"}],"predecessor-version":[{"id":921,"href":"http:\/\/mydiabeticsoul.com\/index.php?rest_route=\/wp\/v2\/posts\/154\/revisions\/921"}],"wp:attachment":[{"href":"http:\/\/mydiabeticsoul.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=154"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/mydiabeticsoul.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=154"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/mydiabeticsoul.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=154"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}