Next new toy/tax writeoff!

[NapaBavarian]

Toy to come

It looks like I'll be inheriting the photographer position at the hot air balloon company I work for, not a bad gig, it is separate from the company its self, so self employment and a good bit of extra income that requires a few tax writeoffs each year, I guess that new mac I have been drooling over will come too!

[lhopp77]

As self empoyed it is true that you can write off a lot of things, but there are also potential problems unless you follow the laws. Make sure you pay your self employment taxes (Social security taxes--15 per cent of profits). That of course is added to the normal income taxes.

Lee

[NapaBavarian]

You mean socially skrewed tax? that is the reason I like to write as much as possible off I can live on bread and water under the 3rd St. bridge if need be

[subi-crosser]

Originally Posted by NapaBavarian

Toy to come

It looks like I'll be inheriting the photographer position at the hot air balloon company I work for, not a bad gig, it is separate from the company its self, so self employment and a good bit of extra income that requires a few tax writeoffs each year, I guess that new mac I have been drooling over will come too!

Keep your day job, and dump a lot of money in equipment!! Stuff where the tech changes every week can be 'expensed', and things that are bigger can be 'depriciated'.
KNOW their rules, and USE them to your advantage!! You really need a good accountant to make it work best. ( and he's deductable), Most of the past,"major investments", in my business were between Christmas and New years eve, to take advantage of the tax breaks.( and I keep my 'day job'), and run those investments against my income, for the tax breaks..

Jerry

[Electrophil]

On a side note, that is one good looking Nikon camera!