Outright.com Giving Away $2,000 to Wise Bread Readers

By Will Chen on 22 March 2010 (Updated 13 April 2010) 395 comments

Winner Announcement:

I have emailed Jacob and DMed ShesAnAngel417.  Please reply ASAP to claim your prize!

Outright.com, a free online bookkeeping service for the self-employed and small business owners, is giving away $2,000 to Wise Bread readers!

My favorite part of Outright.com is their community where you can get free expert advice from accountants and bookkepers.  For example, their community members got answers on questions like:

Of course, you should always be careful about getting free advice online, and I would double check everything with your own accountant later.  However, it is nice to have a quick tax resource that is 100% free.

In addition to the contest, Outright.com co-founder Kevin Reeth also shared some great tips on the most overlooked business deductions and most common tax mistakes later in this post (jump to interview). 

But first, the contest!

 

Blog Comment Contest:  $1,500

Prize: 1 winner of $1,500, randomly selected from the comments in this post.

How to Enter

Simply leave a comment below answering any one of these questions: 

  • For everybody: What is your most pressing tax question before April 15th? (By the way, you can get free expert advice from accountants, bookkeepers and other business owners at Outright's Community.)
  • If you are self-employed or a business owner: What is the one expense that you wish the IRS would let you deduct for your business and why?  (Need some ideas?  Add your expenses to Outright.com and discover what is deductible.)
  • If you don't have a business:  What do you think businesses should or should not be able to deduct and why?

Don't forget to enter your email address while leaving a comment.  We can't contact the winner if you don't leave an email address.  One blog comment per person please.

 

Twitter Contest: $250

Prize: 1 winner of $250. Randomly selected.

How to Enter

Follow @WiseBread on Twitter (we can't notify you as the winner if you don't follow us).  Then simply tweet one of these messages: 

 

Outright.com Facebook & Community Contest: $250

Prize: 1 winner of $250. Outright.com will randomly select one of their new fans following them on Facebook or joining Outright.com's Community.

Two Ways to Enter

Yes, you can do both to increase your chances of winning.

 

Rules For All Three Contests

The Blog Comment, Twitter, and Facebook/Community contests all end at 11:59 pm EST on 4/2/10.  Winners will be announced on this post on 4/6/10. You can enter all 3 contests, but you can only win once. US residents only, must be 18 or over, void where prohibited.

 

Interview With Outright.com Co-founder Kevin Reeth

What are the most commonly overlooked tax deductions for the self-employed?

There are plenty of deductions out there for self-employed professionals that, thanks to the complicated tax code, are often overlooked.

We’ve found that the home office deduction tends to be the most commonly overlooked—and the one that causes the most confusion for those who are self-employed. This deduction allows an individual to write off any expenses incurred from running a business out of their home, for example, you may write off a percent of your rent or mortgage based on the proportion of your home that the office occupies. But we’ve found so many people are worried about an audit that they are scared to use this deduction, missing out on huge savings. Don’t be overly worried about the deduction—if you run your business out of your home and have a room or a portion of your home dedicated to your business, measure the square footage and write it off. Even though more than half of all small businesses are home-based, the majority don’t claim the home office deduction.

Mileage is another often overlooked deduction. Deducting transportation expenses is one of the most tedious and confusing components of tax prep for the self-employed, but again, it can reap huge rewards. For those who are on the road a lot, like contractors, plumbers or realtors--who average 20,000 miles per year on the road--writing off business-related transportation can save thousands of dollars a year. You can deduct $0.50/mile for each work-related mile traveled.

A good (but confusing) deduction for the self-employed is office equipment. Unless you buy a lot of equipment (in 2009, the limit was up to $250,000), you can write off the full purchase price for that equipment in the year in which it’s first used.  However, if you aren’t making a lot of money, you might be wasting a possible deduction.  You can instead choose to “depreciate” the item, which means writing off the cost over multiple years. Most office equipment gets depreciated over 5 years (computers, copiers, fax machines, etc.)  Office furniture gets depreciated over 7 years.  So, see how your overall profit and loss is looking for the year before deciding which way to go – it can make a difference down the road when you might be earning .

What are some of the more common tax/deduction mistakes made by the self-employed?

Again, the process for filing taxes can be super complicated and we see both first-time and seasoned filers making mistakes that can either lead to an audit or cause them to miss out on key deductions. One big mistake is not paying taxes because they don’t think it’s a lot of money or because they have other bills. Or they wait until the end of the year, instead of paying estimated taxes throughout the year. Another is to allow themselves to get disorganized, which causes them to miss important deductions or critical tax deadlines. Other mistakes include:

1.  Forgetting to sign and date your return. This is so common, the IRS even posted a video on You Tube, with sign language, to remind people to sign and date their returns.
 
2.  Math errors. The frequency of math errors has gone down recently as more people are using software or professional return preparers, but simple addition and subtraction errors are still an easy mistake you need to avoid.  Double check any manual math before sending in your return.
 
3.  Wrong social security numbers for you, your spouse or your dependents.  A sure way to get a letter from the IRS is to put an incorrect social security number on your return.  Their computers automatically match names and social security numbers for every return.
 
4.  Not matching information returns to your personal tax return.  You know all the information returns you get in January and February like W-2's, 1099's and 1098's, well the IRS gets a copy of those also and they match up your return with their copy.  Sometimes you may have a legitimate reason why amounts on a 1099 will not agree with your return, but a W-2 should always match what you report.  If you get an information return that is not correct, contact the person who sent it and have them send you a corrected copy.
 
5.  Mixing up deductions and credits.  Deductions are used to calculate how much of your income is taxed, whereas credits are dollar for dollar reductions in your tax liability.  Use a bookkeeping application like Outright.com for your business to record everything accurately.
 
6.  Putting the wrong bank account information on your return.  If you are getting a refund, the IRS allows you to choose to have your money direct deposited into your checking or savings account.  All those little electronic looking numbers at the bottom of your check are how the IRS knows where to send your money through the banking system.  When you put those numbers at the bottom of your return, you can be off one number and that refund will not find its way into your account.
 
7.  Failing to file electronically.  Electronic filing was first introduced in 1990 and turns 20 this year.  When you file a return manually, most of the information has to be scanned or manually keyed in by an IRS employee.  In their own studies the IRS found that they themselves made mistakes on 20 percent of the returns that were processed manually compared to under 1% on electronically filed returns.

Are there any special new tax rules for 2009 the self-employed should watch out for?

Very few of the 2009 tax law changes had any positive or negative impact on small businesses, but with the constant media coverage of the changes to the individual tax laws, most self-employed workers are worried they can’t keep up.

There are two tax law changes that self-employed workers should keep in the back of their minds when filing taxes: the Making Work Pay tax credit and the ability to carry back operating losses.

Although the Making Work Pay tax credit is targeted towards employees, self-employed business owners can benefit too. This is not a deduction, but rather a credit, meaning you can write it straight off your tax liability. The credit is worth up to $400 for working individuals who earn between $75,000 and $95,000—significant sums for self-employed workers.

If your business hasn’t performed as well as expected, you can take advantage of the ability to carry back operating losses. This means small businesses with deductions exceeding their income in 2008 can use a new net operating loss tax provision to get a refund of taxes paid in prior years.

Who uses Outright.com?

Anyone who works for themselves or has started a small business can use Outright.com. The majority of our users are sellers on sites like eBay, etsy and Amazon. Many of our users are freelance writers, web designers, realtors, and bookkeepers. We also have a large presence of people who are craftsmen and some more unusual professions, like a canine holistic therapist.

What are some of your favorite free apps for the self-employed besides Outright.com?

Right now, there are some really great resources out there for the self-employed.

We love social networks like LinkedIn because it makes it easy for self-employed workers to connect with potential clients without spending thousands of dollars on marketing and customer relationship software.

We recommend people get a web presence. Create a blog on Wordpress, Typepad or Blogger. We are also huge fans of Google apps—especially Gmail and Google Calendars. They’re free and incredibly helpful in making your business look even more professional. You can integrate all of these to your domain name and website through Google Apps for Your Domain.

Another great free tool for the self-employed is Craigslist both for buying cheap office equipment (that’s still in good condition) and reaching potential clients by promoting your services. Plus, if you grow and need to hire, Craigslist is a great way to find potential employees.

For free finance related tools, we love Shoeboxed and Xpenser. Shoeboxed lets you scan receipts and automatically turn them into categorized expenses. Xpenser is a mobile epense tracking service that lets you easily record expenditures while you’re out and about, by email, text message, or even Twitter. Both Shoeboxed and Xpenser hook up seamlessly with Outright.com, making tax time even simpler.

And then of course, once you do start making a little bit of money, then we strongly recommend people take a look at Outright.com.

Why is Outright free?  How do you make money?

Let's just say that we don’t think people should have to pay a lot of money to do their financial record-keeping, especially in an era of great online tools.  We provide Outright for free in order to help as many entrepreneurs as possible.  We have begun offering additional paid services, such as a 1099 e-filing service, and will continue to do so.  But Outright.com’s basic bookkeeping service will remain free.

About Outright.com

"Outright.com is streamlining the work involved with owning a business, helping entrepreneurs pay the right taxes, record financial transactions, and keep their businesses on track and growing.

Outright.com was created after watching entrepreneurs struggle to capture all of their business deductions, often piecing together different solutions. Whether sticking every possible receipt in a file folder and shipping it off to a bookkeeper, tracking everything in a huge spreadsheet, or even using a couple of different web sites to track transactions and create invoices, the results were invariably the same: too much time and effort spent on the least enjoyable part of running one's own business. Our goal: to keep it as simple as possible; helping entrepreneurs track all of their income and expenses to get their taxes done accurately."

Don't forget to leave a comment below for a chance to win $1500!

Tagged: Giveaways, Taxes
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Guest's picture
gLENNA

I believe the home office deduction should be more liberal and certainly less confusing so that more people would take advantage of it.

Guest's picture
Donna Milewski

I wish the IRS would allow some type of deduction for start-up costs if they are funded from the owner's assets. Even a small amount would help new businesses, especially for the first few years. My husband and I opened a bakery a few years ago and any tax break would have been a relief. The amount of taxes paid by small businesses to city, county and the government is overwhelming and seemed at times an avenue to make it as difficult as possible for us to succeed. Small business is vital to the country and how refreshing it would be to feel supported rather than beat down. Thanks for allowing my 2 cents to be put in!

Guest's picture
Dan

Not a business owner, but I might be one some day.

I do not feel that home office equipment and other expenses should be deductable, especially if they are also used for personal use. Phone, internet, computer, there are so many items which would almost certainly be in the home anyway.

Guest's picture

I am a small business owner and I think that an excellent way to stimulate the economy would be to relax the rules governing business deductions for first time business owners.

This may encourage people to get out there and start their own business.

Guest's picture
Audrey L.

Health expenses-insurance and maintenance expenses-would be great deductions.

Guest's picture
mylegs

Oh, man. Meals in full would be great. And for heaven's sake, be clearer on what can constitute deductible home office expenses. I usually feel like I'm going to be crucified because I put something on the list or get screwed because I don't. I don't have $$$ to pay a tax pro to do this for me

Guest's picture
Janet Carpenter

It's my understanding that education expenses you incur to meet the minimum requirements of your present trade or business, or those that qualify you for a new trade or business, are not deductible. Also the initial cost of obtaining a license.

I'm a former small-business owner and I think the IRS should allow those expenses to be deductible. It's my understanding that education and licensing expenses to maintain requirement completion are deductible but not I think the initial cost of meeting requirements should also be deductible.

Thanks for a great giveaway and thank you to Outright.com for recognizing the value of marketing on blogs!

Guest's picture
Tammy S

I think professional development should absolutely be deductible. How else can there be growth?
Thanks

Guest's picture
heather

I think small business owners ought to be able to deduct a large chunk of health care costs for employees. It would also be helpful it the tax codes were a little more user friendly. Sometimes it is hard to even know what is tax deductible when the language is so complex, not to mention long.

Guest's picture
Stacie Crochet

I'm a psychotherapist in private practice and wish I could deduct when a client doesn't show for a session.

Guest's picture

business owner: Health Insurance!

Guest's picture
Nate Harrigan

Business should be able to deduct any dollars used to train, educate, or further advance the skills of their workforce.

Guest's picture
Linda

We all know small business owners work very very hard. As the owner of the company you are one of the greatest assets to the business. There is a steady stream of "output" with regards to time, energy and life force. If you, the entrepreneur were equated as an asset to which you could assign a dollar value, maybe you could make the asset inventory sheet. As such, at any given time you would be mindful of maintaining yourself in good working order. Like a store full of goods, you wouldnt want to run out if inventory, would you? If you saw it getting low, you'd replenish it right? Thus, my suggestion is that the IRS allow deductions for regular massages and vacations and catagorize it as maintainence and up keep for the hard working entrepreneur.

My sister is my C.P.A. This one should make her pass out.

Guest's picture
Tina Schroer

I think small businesses should be able to deduct anything that relates to running their business...office supplies, postage, cell phone, whatever. But what really bugs me is that self-employed people have to pay double into Social Security! That has got to be a huge drain on the business.

Guest's picture
Lucy

I would like to see expenses for professional development and 100 percent of entertainment expenses allowed as deductible.

Guest's picture
Laura E

I'm a self-employed photographer and I frequently shoot for various local charities. I really enjoy these shoots because the end result is doubly good - the images help them with marketing and help me feel like I'm giving back to my community.

However, I wish I could get a charitable contribution credit for the hours I spend working on these projects. Credit is given for out-of-pocket materials (prints, framing, etc), but since the time is the major investment often without any project materials, time spent on these projects can affect bottom line.

Guest's picture
Deb

It should be easier to create benefits that match what employees get in the workplace. For instance, employees can set up an account for childcare or elder care expenses. Self-employed can only deduct these on their taxes, but as far as I can tell can't do so in the same separate-account way that employees can.

On the flip side, it really doesn't seem fair the way that self-employed deduct their vacations by making a nod to work. Pretty much everyone I know does some work remotely on vacations these days without getting to deduct any of it.

Guest's picture
leslie

I'd like to see deductions for greening office products/machinery.

Guest's picture
Hope

Any type of professional development should be deductible, it helps grow the business and is good for our economy/culture in general.

Guest's picture
Guest

I think small businesses should be able to deduct their expenses of employees. At least temporarily to promote hiring.

Guest's picture
Allessio

I don't know about any ADDITIONAL expenses...but I have seen many small businesses take deductions that were NOT legitimate, especially when it comes to cars and computers.

Guest's picture
Allessio

I don't know about any ADDITIONAL expenses...but I have seen many small businesses take deductions that were NOT legitimate, especially when it comes to cars and computers.

Guest's picture
Brad

There should be targeted deductions that can change with societal needs. Now, we need deductions for hiring unemployed workers.

Guest's picture
Jane

All meals in FULL and all healthcare in FULL.

Guest's picture
Amanda

I also think that small businesses should be able to deduct some part of the health benefits that they provide to their employees. I also think that businesses of any size should be able to deduct some of the cost of providing on-site daycare for the children of their employees. This is a wonderful service and should really be encouraged by making it more affordable for companies.

Guest's picture
Karen

I'd like to see a full 100% deduction for business meals, rather than the current limit of just 50% for those expenses.

Guest's picture
Sandra

Mostly I think the language needs to be clarified and expanded. I don't think nearly as many people used to have home offices, and it's tough for people who live in very small spaces but mainly work from home that the wording is vague and sort of tricky.

I also think professional development as a deduction makes a lot of sense.

Guest's picture
Annie

Obviously not an original thought but the first one that came to mind. The home office deduction restrictions are almost impossible to meet in any any regular-sized family home with a family living in it.

Guest's picture
Banana Bread

Professional development should be deductable.

Guest's picture
Melody

The government says that they want small businesses to grow but then, they seem to block the potential for growth at every opportunity. Where large businesses/corporations- obviously, not home based -can have huge "business" parties or buy boats to entertain "clients" and use those as tax write-offs , my husband can only claim 50% of a meal with a client or potential client. He drives a vehicle that is over 10 years old while alot of larger companies buy new vehicles every year. It just doesn't seem fair because he works so hard. I wish that they would tighten up on the larger companies and give the home-based operations some help in those areas.

Guest's picture

What do you think businesses should or should not be able to deduct and why?

It kind of depends on what your goals are I guess. Let's say you have a regular company and you want your employees to stay healthy, then I think you should be able to deduct the gym passes from taxes if they are being used. Simply because it leads to a healthier society, which in turn reduces lots of other costs.

Guest's picture
Stacie McKenna

I think I should be able to deduct mileage to my office since I'm self employed.

Guest's picture
Kristy T

I think businesses should be able to deduct a portion of utilities if they use renewable energy.

Guest's picture
Bbee

I am not currently self-employed but like many others who have posted I am toying with the idea.

I have seen first hand the abuse of the "entertainment expense" deduction. I don't think any "entertainment" expenses should be deductible. A meeting on the golf course with an extended time at the bar afterward is necessary why? My opinion only.

I would like to see the costs of professional development/licensing for the owner and their employees deductible at some level.

Guest's picture
TONY DERRICOTT

I don't think you should be able to buy a car in December just to satisfy a deduction requirement. That doesn't seem fair. Is it just something I don't understand?

Guest's picture
Ernest S.

I don't own a business, but a close friend of mine owns a coffee shop that provides a lot of "free" resources to customers (e.g., wireless internet, electricity, etc.). It would be nice if more businesses had additional incentives to provide such services through a tax deduction.

Also, I like the idea of rewarding businesses with deductions who opt to use renewable energy. Sounds like a win-win situation for both the business and society.

Guest's picture
Kari

I would like to see a separate deduction for home business inventory storage space. I don't take the deduction for work space, because there isn't a room in our home dedicated specifically for business. But we do have square footage that is devoted to inventory storage that would be nice to deduct easily.

Guest's picture
Kristen F

From what I know about it , it seems that the deductions allowed are pretty fair. You can take deductions for using your car, for working out of your home. Advertising costs, entertaining a client. Works for me!

Guest's picture

I think service professionals should be allowed to deduct bad debts. I understand the logistics of why it's not allowed, but it's crappy that we can't write off the costs we incur when a client doesn't pay. It still costs us money and sometimes a lot.

Guest's picture
Guest

While I believe home-based businesses are entitled to specialty equipment deductions, I believe the flexibility within the current specifications leads to abuse. If a homeowner decides to create a home office instead of renting an office, they're already saving money on rent, while potentially increasing the value of their house. Therefore that homeowner should not be entitled to a % deduction on that space.

Guest's picture

I wish that I could deduct my clothing expenses. I have to present a certain image and its expensive to keep it up!

Guest's picture
DigeratiSLC

As a small business owner, all of the deductions I take now are fair and very thought out by the IRS. There's really not one business expense that I have that can't be deducted. All in all a very good system for the small business owner.

Guest's picture
Guest

I asked my husband, since he has his own business, and he said, "I don't know...you can pretty much deduct just about everything anyway!'

So there you have it!

Guest's picture
Guest

I think it's been said, but classes and books for employees should be deductible.

Guest's picture
Mike L

As a self-employed web developer, I have to say that many of the current business expenses that I can deduct seem fair.

I can already deduct internet-related purchases, new software purchases and other misc. business items... however, I suppose if I had to choose, it would be nice to deduct business courses and books related to learning on the web.

Overall I'd like to see a smaller tax burden for small business (less self-employment tax)

Guest's picture

One deduction should be education expenses like MBA and other courses.
Other should be all equipment for the office.

Guest's picture
jason

I think income should be 100% deductible, as in no income tax. Tax spending only. It would make the cost of business much less and remove a large, unneeded government bureaucracy. The system we have now is absolutely ridiculous. We penalize success, but then give them the chance to lower their taxes through hundreds of deductions. Then we get people that do not understand economics like we have now, and they want to raise taxes on the people that they should be lowering taxes on.

Guest's picture
anita b.

If your spouse files for bankruptcy but you don't, how do you file your taxes? Is there a special way to handle this?

Guest's picture
Jessica

I agree with Jill. I think businesses should be able to deduct anything that they use to run their business such as office (even if it's at home) space, equipment and office supplies, gas miles, etc. Just because someone operates at home doesn't mean that they have less expenses than a publicly-traded business.

Guest's picture
Christopher Strieter

*email removed by editor*

*editor's note: Chris you only have to put your email in the email box, and not in the message itself. We don't want every spammer out there getting your email address!  =)  *

First off, thank you for the great offer. Tax question: How do you know whether it is better to claim deductions or to take the pre-determined offer? Also, how long do you need to keep deduction receipts for after the year in which the deduction was filed?

Guest's picture
Michele C

Personal expenses Cars,etc. I am certainly in favor of legitimate business deductions however I see a lot of questionable deductions. I'd like to see it along the lines of Church and State.

Guest's picture
Sheri F

I wish the rules were clearer on home office deductions. I'm not deducting mine since I still can't figure out if mine qualifies or not.

Guest's picture
Guest

I believe that as a small business owner, or i should say being self employed, we should be able to take a tax deductions for personal health care expenses. I would also feel that deductions for health care might encourage other small business owners to be more willing to provide health care coverage for their employees as it would offset some of the high cost of providing the benefits. The cost to the medical system for individuals who are uninsured is far greater than allowing a deduction as an incentive for many to have insurance.

Guest's picture
Cyndy

painter's pants for painting contracting.

Guest's picture
Cathy R

My most pressing tax questions normally relates to deducting qualifying medical expenses. It is a very complicated area, in my opinion, and I always seem to get confused.

Guest's picture
Andrew Gordon

Why do my local payments to RITA take away from my refund on my OH state tax?

Guest's picture

My most pressing tax question was about taxable winnings for prizes in contests, ironically enough. I didn't realize how much it could increase your tax liability when you win a prize that is over $500. For some it is worth it, (like this one!) but you have to be careful and question the 1099 if you think it is at all inflated. I learned that this year. Thanks for such an amazing contest and a chance to win a fabulous prize.

Guest's picture
Guest

My husband works at home as an independent contractor and for IRS purposes we're confused if he needs to register a business name or if he can work as a "doing business as" his own name and social security number. It's really confusing and we keep hearing conflicting advice.

Thanks for the amazing giveaway!!! :)

Guest's picture

My son was a college student with a scholarship. As part of the scholarship, he was required to work as an intern in the summer. A portion of that scholarship was given to him to secure an apartment and live while he was interning. Of course, that portion was reported to him on a 1099-Misc as Non-employee compensation requiring us to file his return listing "business" income per the college's direction. This year, they told us not to do that. I've been putting off doing the taxes since I'm not sure which way to file and list that income.

Guest's picture
Joe K

What states are going to delay paying tax refunds?

Guest's picture
Guest

My most pressing tax question is what is considered deductible when doing a home remodel?

Guest's picture
Eileen Burke

My most pressing tax question is what is considered deductible when doing a home remodel?

Guest's picture
Judith

Is it worth it to owe to IRS and pay over time or borrower elsewhere?

Guest's picture
Rebecca Graham

Employee training should be a deduction.

Guest's picture
Nadine L

I am a self-employed small business owner. Most of my business is web sales. I would love to be able to get some kind of a deduction for shipping costs. Maybe it's already there and I am not seeing it, but if it's not, I think it should be allowed.
iheartsweeping@aol.com

Guest's picture
Janet

I think that normal, consumer tax files should also be able to deduct auto. Why does it have to only be the small business owner? With the price of gas these days, everyone should be able to deduct it.

Guest's picture
Janet

My old accountant said to keep everything on paper, but i'm really tired of getting mail. do accountants now prefer to use electronic statements, or do i have to keep killing trees and cluttering my life? Also, why do we need to keep receipts, if what we purchase is on credit card now, and that credit card has the transaction listed?

Guest's picture
Carol

■If you don't have a business: What do you think businesses should or should not be able to deduct and why?

With the economy in the sorry shape it's in, businesses should be afforded every imaginable break tax-wise. It's hard enough to maintain profitability in this climate, I think the government should do everything it can to ease up on business owners.

Guest's picture
Carol

I follow on Twitter cdziuba and tweeted http://twitter.com/cdziuba/status/10996071989

Guest's picture
Emily

"What is your most pressing tax question before April 15th?"

How long until I have to start claiming myself as an independent? I'm a third year college student.

Guest's picture
Jennifer B.

We did a small amount of stock trading this year through one of the big national websites. We got the tax form from them, but it doesn't mention Capital Gains. To be honest, I'm not really sure what Capital Gains are... Do I have to report anything beyond what is listed on the form?

Guest's picture
James

What is your most pressing tax question before April 15th?

Do I use turbotax for 35% off through my bank, or e-mail my accountant friend for the 3rd time to pay him to do my mostly straightforward return?

Guest's picture

I'm going to go with my dress clothes. I wish as a business owner I could deduct some or all of my suits, ties, dress shirts and shoes. These things can get pretty expensive and some of them don't wear as well as normal clothes.

Guest's picture

Now that I am thinking of making my blog a business... I put money into 'giveaway prizes'. Can and how do I write those off on my taxes. And if so, what is the cap?

Guest's picture
Ninja

Come on lucky #172.

I've always wondered about my blog. I made $1,100 blogging last year and plan to file it as on a Schedule C, but wonder if that is right? Especially since I don't have a business license for my blog? Do I need that license or not? Ahhh confusion.

Guest's picture
Annette D

If I won $1500 in an online contest, would I consider it income for tax purposes?

Guest's picture
ArchRaid

What is your most pressing tax question before April 15th?

If I were to buy my fiancee's house right now (before April 15th), could I claim the $8000 tax credit even though we are getting married in October and most likely filing jointly next year?

Guest's picture
Steph

My most pressing question is how the best way to go about taxes when newly married! A Pro? Online?

Guest's picture
Joe

I think the meals and entertainment deduction is often abused in the business setting. You hear the stories of the businessmen and women going to a high-end restaurant or golf course and talking shop for the first few minutes so it can be written off as a business expense. That, and taking a "business trip" to a tropical destination only to attend a 2-hour seminar and then spending the rest of the week or weekend as a personal vacation.

Guest's picture
Robin Woody

I would like to see training events, seminars, etc., be deductible. These are crucial to staying up with current trends and learning new ideas that enable us to be competitive in the marketplace.

Guest's picture
Jaime

If I have won a prize and got a 1099, but I think the prize worth less than what the 1099 claims to be, and I have solid support for that. Can I adjust the 1099 amount on my return?

Guest's picture
PT

my diet cokes. it's the fuel i use to run my online business. since i work late at night often, after business hours, i feel it's a necessity.

Guest's picture
Gail Crawford

My tax question is what percentage of money do we have to pay if we when like $.10000

Guest's picture
Robert in SF

Are my COBRA payments tax deductable or not? I can't figure it out!

Guest's picture
joni

Businesses should not be allowed to deduct all their vehicles. I use my vehicle for work and can't get any deductions.

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Tari Lawson

Can I write off contributions to my kids 529 account?

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Linda Fish

I owe money to the state for my husbands IRA due to hardship withdrawal. Its hard to come up with that

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I'd like to know if I can write of money I lent to a friend and haven't received yet!

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Anne D

I clean homes so my question is: Can I deduct my cleaning supplies?

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gina

If I open a 529 in a state that I WORK in (but do not reside in), can I take advantage of that states tax benefits for the 529?

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Carmen B

I wonder if it is a waste of time and effort to keep all these receipts and itemize?

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Summer

What is your most pressing tax question before April 15th?

Is there a cap for how much you can deduct from out of pocket health expenses?

Thanks for a great giveaway!

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Sarah Hirsch

My most pressing tax decision is do it myself, or hire a professional? I want to save the most on my taxes that is possible.

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Patricia Treskovich

I need info on the lastest tax deductuion rules

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cathiem

My worst tax question is the education credits.I now have 3 kids in college which means 3 sets of college bill,loans etc.I am never sure if I should take the education deduction or the credit. You can not use certain credits more than 2 years per child. Major PITA.

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Patricia Treskovich

tweeted Latest: ■Win $2500 at @WiseBread courtesy of @Outright http://bit.ly/aLxcNZ less than 5 seconds agoLatest: ■Win $2500 at @WiseBread courtesy of @Outright http://bit.ly/aLxcNZ less than 5 seconds ago from web

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Renski

My most pressing tax question is just getting started. It's a big mental hump to get over and I never look forward to it. I guess my question is how can I better organize myself so it's not such a depressing notion? Don't get me wrong, I'm not a total mess - I have files for the papers (W4's, other tax related documents) but, UGH I know it'll just ruin a whole week.

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Marcia

I think our most pressing tax question this year was did we pay too much tax up front? We are getting a large tax refund.

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Cujo

My most pressing tax decision is do it myself, or hire a professional? I want to save the most on my taxes that is possible. I've used Turbo Tax for years but wonder if it's worth using a professional?

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phyllis ostrofsky

It's a year long question. What papers and other information should I collect throughout the year to support my tax return
... and what's the best way to to do it?