Income Tax

[Ree Fresh]

Any sugestions on ways to get tax deductables? Wish I was more prepared this year :/

Bothers me more to know the goverment is incarge of that money.


erg

[Goat]

Pay the 60$ and get a tax program. It has a huge list of deductables.
Too bad you can't get more back then you pay in though:(
off the top of my head:

------
work supplies
tuition
car (if used for work)
living allowance if you work away from home and have to pay for room and/or board
any tickets (first aid, h2s, serving it right, etc)
dependants
tools (if you have a friend who's a tradesperson)
babies

edit:screwed up on taxes, not collecting 3g's :(

[dj_soo]

did you make any money djing last year? if so, you can report it and write off all your records, your cab fare, anything remotely related to you music career like computers, gear, headphones, even CDs and stuff at a loss (if you kept the receipts tho). The only thing is that you can only do it for so many years before the government either audits your ass or suggest you shut down your business and do something else.

[Ree Fresh]

^ Thing is if I claim 'DJing' then I have to claim all the money I made last year. Which I havnt really kept track of and would probly mean I would have to pay even more tax. Otherwise Ill keep that in mind for the future. I dont really understand how the government can suddenly stop you though?

Otherwise I did claim my car for one of my jobs, but apparently I couldnt claim my new computer for some reason even though that use for work too :/

Maybe ill try take some classes this year :p

[Infidel]

If you declare yourself a business (such is the case with DJs) or operate a business that losses money for more then 3 years (I think) the government will take away you ability to write off goods or audit the living crap out of you.

They have a limit to people can't abuse the write-off system like Terrance suggested. Also, don't forget there are limits to the different types of things you can write off, and not all count as a 100% write-off. If you're going to try and do that and do want to get thrown in jail for tax evasion, do all you homework or hire a good accountant.

The government would love for you to mess up becuase then they can get a lot more of your money then you would otherwise pay in taxes.

[ebbomega]

See RRSP thread.

SEEMS LIKE SUCH A SILLY IDEA NOW, DOESN'T IT?

=p

[Tayfoon]

If you are self employed you can get away with pretty much anything.

You should see the stuff I write off

[Needle Kinev]

Originally Posted by Tayfoon

If you are self employed you can get away with pretty much anything.

You should see the stuff I write off

werd
so where's the list?

[Vitamin-X]

haha I'm goin to declare myself a dependant member of the clergy.

Funny how we're still filing this temporary wartime tax.