Does anyone out there in the TCI world have a template to report expenses relating to RE?? (I.e. tolls, gas, internet, cell phone bill, etc.) All help will be appreciated.
Just an observation.....my CPA informed me that you keep count of the miles driven and not so much the amount paid for the gas. I was saving my gas receipts but she told me to keep a log of the miles driven and that is where the expense comes from. Not the amount paid for the gas. If I’m wrong, I apologize.
You can write off miles, and last year I think it was 36.5 cents a mile. You will have to show proof of mileage, in the form of a log, but not to worry, you will do far better writing off mileage than writing off gas..
Good luck
my CPA has me keep a log for mileage. That way it help with your taxes w/ property depreciation etc. As for other expenses you are not supposed to be able to use those as expenses unless you use a separate room in your home to conduct your business. IE your office cannot be in the family room etc.. As for phone etc consider changing the phone into your business's name. peronal phone lines (home) are hard to use as business expenses. I have heard of people putting their cel phones in the business name so that would be a small write off/expense to add to your expense report come tax time..
You don't need a business name to write off business expenses. You can be a "Sole Properitor" and still reap the benefits of writing off certain business expenses.
Just an observation.....my CPA informed me that you keep count of the miles driven and not so much the amount paid for the gas. I was saving my gas receipts but she told me to keep a log of the miles driven and that is where the expense comes from. Not the amount paid for the gas. If I’m wrong, I apologize.
You can write off miles, and last year I think it was 36.5 cents a mile. You will have to show proof of mileage, in the form of a log, but not to worry, you will do far better writing off mileage than writing off gas..
Good luck
my CPA has me keep a log for mileage. That way it help with your taxes w/ property depreciation etc. As for other expenses you are not supposed to be able to use those as expenses unless you use a separate room in your home to conduct your business. IE your office cannot be in the family room etc.. As for phone etc consider changing the phone into your business's name. peronal phone lines (home) are hard to use as business expenses. I have heard of people putting their cel phones in the business name so that would be a small write off/expense to add to your expense report come tax time..
Carpe Diem,
Veronica
You don't need a business name to write off business expenses. You can be a "Sole Properitor" and still reap the benefits of writing off certain business expenses.