- 2,960
How about throwing out some legitimate income tax deduction ideas here. I'm new to this and don't want to miss anything.
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The most common is mileage, but you're going to want to have a good accountant to handle this stuff. Home office and partial use of phone are good ones too. For example, I do use my phone for personal things, but it's 80% (at least) for business, so my tax guy says to write that portion off.
Any business expense is usually tax deductible.
What about meals? Does it have to be with a client or just while I'm in the field.
Also, dress clothes?
Dress clothes normally don't count unless you have company logos on them. Meals generally don't count unless you are discussing business.
Whats a good number to use for mileage?
Exactly.
You're out running appointments and you grab a bite to eat, no dice. If you're buying a client/referral source/etc dinner and discussing business, good to go.
I have claimed around 20,000 every year and haven't been audited yet.
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I deduct all of my meals that are over 25 miles from home.
I deduct all of my meals that are over 25 miles from home.