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Questions tagged [writeoffs]

The tag has no usage guidance.

6
votes
2answers
489 views

In the U.S., can I deduct coffee as an expense if I am a self-employed software developer?

I work in coffee shops every day as I develop. Coffee shops have an unwritten (sometimes written) rule that you cannot use their wifi, power, and bathrooms without buying something. Because of that I ...
0
votes
1answer
81 views

USA - Can I write off time spent using this metric [duplicate]

Situation Let's say my organization does pro bono work for company X - a non profit I pay 3 employees Y amount and can write that off to the Federal Government Question I'm in a pass-through LLC, ...
0
votes
2answers
171 views

USA - Why can't I write off my IRA contribution for 2017?

Backstory Last year I made 60k from earned income and 25k from moving an investment - I was forced to realize the gain even though I reinvested into a managed portfolio. All in all I'm taxed at 85k. ...
4
votes
1answer
106 views

In this scenario can I write off more than $25 for a gift?

Let's say I buy a big Holiday basket for a client's team. Basket cost: $100 People on team: 4+ Can I say that the gift is for 4 people instead of 1 client? The write off then is $25x4 rather than $...
5
votes
1answer
109 views

How can I argue for a higher motorcycle write-off value?

I was in an accident in June, other driver at fault. I had only liability coverage, so I've had to deal with his insurance directly. The bike was towed to a dealership and a week or so later I got a ...
2
votes
1answer
133 views

Tax Write-offs and knowing how much I need to spend before the end of the year

I have a small LLC that makes a decent amount of money. I have always been told that come tax time, you can either pay money to the government, or you can buy equipment, supplies, etc for your ...
7
votes
1answer
597 views

Write off personally owned computer parts used in company owned computers?

The company I'm employed by contracts labor to other companies (clients). I'm one of the non-exempt minions that perform that labor. The client I currently work with provided me with a laptop solely ...
1
vote
2answers
137 views

Can I write off investment losses into future years?

If I lose $1 million due to a bad investment, but my income is only $100,000 and my annual taxes are $35,000. Can I write off all my income for the next 10 years?