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Pennstater
I have a job I do from home where I never leave, I mean never. I get a 1099 so I'm a contact laborer, this is in the US. I have put in all the deductions I can think of, but maybe there is something I'm missing.
Office supplies, like ink, paper etc
Computer - laptop expense
DSL internet connection can't put phone, we use online phone provided by company
I have a dedicated office in my house, we put in the square feet thing where you put in the household expenses like power, water, etc.
There are no uniforms, no meals for clients, no travel.
Am I missing something?
Jennifer, you rock! I did not understand about the capital gains, thanks. I did have a number on line 27,accountant did my taxes. The space is completely dedicated to work, no kids, the dsl we did 75% usage for work since it requires me to have a higher speed than I would normally have to upload files, laptap was not depreciated, he took total cost in 2010,no postage, not a student and did not take any courses. Your answer was terrific!
Answer
You do realize that when you take that deduction for home office that you maybe setting yourself up for an increased capital gains tax when you sell your home, or when your beneficiary sells/or takes over use of your home? You need to keep very good records of this deduction because it may not be you that has to close out the capital gain on this property. When a home office deduction is taken, there is a corresponding reduction in the basis of the real property. So say you bought you house for $100,000, your basis in the property is what you paid the $100,000. If you later sell your home for $150,000, you have made a capital gain of $50.000. If during the time you lived in your home you took a deduction for a home office or even the residential energy credits your basis in your home is now reduced by the amount of the deductions. So, a $2000 home office deduction will, in this scenario, now net you a $52,000 capital gain. The reverse is true for a capital loss. You sell your home you paid $100,000 for for $80,000 you have a capital loss of $20,000 and with the deductions the loss is limited to $18,000. And remember this space must be completly dedicated to your work or you will have to calculate the % it is used for work, and take the deduction for only the % it was used for work. I just wanted to make sure you were aware of that before you took the deduction.
Watch the DSL deduction as well, if you use it for personal reasons you'll need to do a % on it also.
Now other deductions:
Did you depreciate your computer? In the first year, I believe you can deduct up to half of the cost.
Receiving a 1099 you have to pay self employment tax, did you deduct 1/2 of that taxon the front of you 1040 line 27? You would be surprised how many people miss that even though it is calculated at the bottom of the Schedule-SE.
What about mailing expenses/postage?
Since you have earned income, if you have a spouse and they have earned income or are a full time student half the year you can deduct eligible daycare expenses up to $3000/child.
Business education expenses, for courses related to your work. You might want to play with this one because you can take it as a business expense but it might serve you better to take it as a personal education credit or deduction.
With out knowing more about your work, I don't know what else to suggest.
You do realize that when you take that deduction for home office that you maybe setting yourself up for an increased capital gains tax when you sell your home, or when your beneficiary sells/or takes over use of your home? You need to keep very good records of this deduction because it may not be you that has to close out the capital gain on this property. When a home office deduction is taken, there is a corresponding reduction in the basis of the real property. So say you bought you house for $100,000, your basis in the property is what you paid the $100,000. If you later sell your home for $150,000, you have made a capital gain of $50.000. If during the time you lived in your home you took a deduction for a home office or even the residential energy credits your basis in your home is now reduced by the amount of the deductions. So, a $2000 home office deduction will, in this scenario, now net you a $52,000 capital gain. The reverse is true for a capital loss. You sell your home you paid $100,000 for for $80,000 you have a capital loss of $20,000 and with the deductions the loss is limited to $18,000. And remember this space must be completly dedicated to your work or you will have to calculate the % it is used for work, and take the deduction for only the % it was used for work. I just wanted to make sure you were aware of that before you took the deduction.
Watch the DSL deduction as well, if you use it for personal reasons you'll need to do a % on it also.
Now other deductions:
Did you depreciate your computer? In the first year, I believe you can deduct up to half of the cost.
Receiving a 1099 you have to pay self employment tax, did you deduct 1/2 of that taxon the front of you 1040 line 27? You would be surprised how many people miss that even though it is calculated at the bottom of the Schedule-SE.
What about mailing expenses/postage?
Since you have earned income, if you have a spouse and they have earned income or are a full time student half the year you can deduct eligible daycare expenses up to $3000/child.
Business education expenses, for courses related to your work. You might want to play with this one because you can take it as a business expense but it might serve you better to take it as a personal education credit or deduction.
With out knowing more about your work, I don't know what else to suggest.
What Kind Of Laptop Is Suitable For a College Student?
Asia
I currently own a refurbished 2012 HP which I am trying to get rid of because it's too slow for me & requires too many updates. Long story short, I've been considering the Macbook Pro or the HP Envy. I'll be starting my freshman year in college next month & I'll be writing lots of papers (I assume). I also download music from time to time, watch movies, blog on Tumblr, watch Youtube videos & surf the internet for long hours (4-6 hours at the most) so I'll need lots of ram (4gb+). Which computer do you think would be the best for me? & What are your experiences with the macbook? Thanks for your help.
Answer
I Would Prefer The Mac.
I Would Prefer The Mac.
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Title Post: What can I deduct for my work at home job on my 2012 taxes as expenses?
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Thanks For Coming To My Blog
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