The topic about auto repairs as deductions made me think of this...what can we deduct? I know that our Realtor Association fees, MLS fees, office supplies, and things of that nature can be deducted, but what else? How about electronics, such as computers or cell phones? Closing gifts? Anyone have a list of acceptable deductions they could share? Thanks.

Ian

Hello,

A "portion" of many things can be written off. The best (and safest) list will come from your CPA.

There is a book in the book store called 1001 tax deductions. It is well worth the $$$. (and is also a deductable expense).

Macbride I wish someone would answer you. I would like to see some deductions myself. If everyone could just post 2 that they know of. Common sense would have us to verify with a CPA before actually taking the write off.

LOL! Thanks, but no thanks. I've always prepared my own returns, and plan to continue doing so.

Hmm, I see a trip to the local bookstore or library in my near future. Thanks.


Anyone else?

i know gas is a write-off but its only a portion. i have many gas receipts.

Advertising:

• Business Cards (Picture will cost more, count it)
• Telephone listing
• Internet access
• Career apparel (if it has company logo)
• Car door signs
• Client follow-up (Files, Greeting cards, ect)

Automobile expenses:

• Gas
• Oil
• Drivers License
• Parking & Tolls
• Repairs
• Wash & Polish
• Motor Club Dues
• Insurance
• Depreciation (Special Rules, look into)

Dues:

• REALTOR dues
• MLS Dues
• Chamber of Commerce (Clear/Documented business purpose)
• Any other club (Athletic, Social & Sporting Do Not Count, no matter what)

Education

• Seminar registration
• Convention registration
• Continuing Education (costs for pre-licensing don't count)

Entertainment (Rules apply, look into)

Gifts to clients (IRS has special rules, look into)

Office Supplies

• Pens/Penciles/Staples/Paper clips, ect
• Paper (printing, fax paper, ect)

Postage

• USPS, Fed-EX & UPS will provide receipts, if not, ask.

Legal/Professional consultation (When about business)

Laundry/Dry cleaning (For career apparel only, all when out of town on business)

Publications

• Wall Street Journal
• Business Week, ect

Books on Real Estate/Business

Real Estate License (Renewal only, original doesn't count)

Business Travel Expenses:

• Transportation
• Meals
• Lodging
• Taxis
• Tips
• IRS has special rules, look into.

Insurance

• Auto
• Errors & omission

Telephone

• Business use (log calls and verify each month)
• Special features (Call waiting, call forwarding)

Fax (Business use only)

Depreciation

• Cars
• Desks
• Computers/Laptops

"Expensing" Check current IRS limit

Wages to Assistants

Rent (If you rent space from your broker)

In-Home office expenses (check into)

Personal property taxes (For bussiness equipment)

I hope that helps some, best bet is to look into everything and maybe even hire a CPA.

Thanks for the list SkyFather. Anyone else want to add to it?

LOL... If you don't know what you can deduct, why would preparing your own returns be a smart move? Using a professional with expertise in a field that you're not is a smart move. Using a CPA will also yield much higher returns.

No problem, Gald I could help.

While non uniform business clothing is not generlly deductable, business clothing with logos, i.e. golf shirts with your company or team logo, usually are. Dry cleaning & laundry of business clothing is an expense.

Trips to conventions, seminars, meetings, etc. can often be deducted. Funny how lots of those things take place in vacation destination locations. Take the family or your spouse and stay over a few day afterward. You can still deduct your expenses getting there and during the event therefore discounting your vacation considerably. I like writing off my tan.

Skyfather I knew we could coun't on you. Thanks for answering.

luvduv haha. No problem, just gald to help out. If you have any questions about anything, run it by the members of the board, but you can email me/PM or even message me Yahoo,AOL,ect anytime

If I understand taxes correctly, it goes something like this:

You make lets say like $100,000 last year. Please note this may seem very unreal, but that's because it is!!!

$100,000
-$10,000 (Office supplies)
-$3,000 (Car Insurance, Drivers License,ect)
-$5,000 (Gas,oil,ect)
-$20,000 (Everything else in that list above)
--------
$62,000

So your taxed on $62,000 dollars? If so, how is that taking a vacation when there is a convention, seminar, ect by writing it off makes it cheaper? Unless you mean that by writing off the few grand you will likely spend, means you get taxed on less, and that's less money to Uncle Sam.

I do take it I'm missing something because I do not understand what it takes for the goverment to give a check back to you. Maybe like they took too much away from you during the year when taking money from your paycheck?

If anyone could please provide a general overview, That'd be great

What generally falls into the category of office expenses? I have a seperate category called office supplies, in which I tally all of my pens, paper, stationary, etc.

Office expenses are a separate tax category from office supplies and I can't for the life of me figure out what goes in there...maybe postage stamps?