Taxes question

armisiano

armisiano

Veteran
So over the course of 2008 I've spent a few thousand dollars on equipment. I've used said equipment to bring some additional income by doing a few videography gigs. How would I, if I even could, claim these purchases as work expenses when filing my taxes this coming January? And what happens? Do I get a chunk of that money back? I don't know much at all about taxes.

Experienced independent business people out there, help, please.
 
yes, you can claim the expenses. you also have to claim the income. i would recommend talking to someone at a tax preparation company.
 
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Claim! Claim! Claim! Even if you have a different full-time job, you can claim these expenses if you made income as a freelance videographer/director/whatever. I do it every year. It'd be worth talking to a tax pro about, just to make sure you're getting everything you can. And definitely claim the income. If you claim expenses for a non-income producing job for (I think) three years in a row, the IRS considers your "job" and hobby.
 
Won't "durable" equipment wind up being prorated over 3 years or something? (Not that's a bad thing, either.)
 
You can do it that way, but it isn't always best.

Does H&R BLock know anything about that? I know they can do itemized expenses, but I'm not sure how good they would be with a P&L from a business (schedule C)

Document your mileage, keep an accurate calendar, all your receipts, and photocopy and log all of your invoices/income. It's not that hard, and it makes a big difference.
 
Talk to an accountant. Getting "free" tax advice could be one of the most expensive things you ever do . . .
 
I have a CD-ROM I got from the IRS, (Publication 3207) which covers a lot of good info. I got it from my state's small business center.
 
What type of license did you go with (LLC, S-crop, fictitious name, etc.. ) ?


From what I've read your taxes can be very complicating with different licensing.
 
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