bigbill
I am a recent college grad that was recently laid-off from my full-time position. I have already accepted another position but it does not begin until August 1st. In the meantime, I will be working on an hourly contract basis for my former employer. My new paychecks will have no taxes taken out at all. My question is that, since I am now a consultant, and I do use a laptop for work, would it be justified for me to write-off the $1000 I just paid for a laptop? Also, would this be an issue since I will only be doing the consulting for about 2.5 months?
I already owned a home PC and a laptop and I purchased an additional laptop to use separately for this work so it will be 100% for business. HOWEVER, once this engagement is complete I plan to sell the older laptop for around $300-400 and keep the newer one for personal use as my new job will be providing me with a laptop.
Answer
You cannot write it off and transfer it to personal use in the same year. When you file your taxes you have to put the dates in service and out of service. You would have to pay back the monies you deducted. Others have mentioned depreciation and useful life. Any item that you write off and either sell or transfer to personal use during the useful/depreciable life you have to add back all the deductions. Once it is a business expense keep it a business expense or dont write it off. If there is a monthly expense that is involved like internet service you can write off the % of internet that is for business.
You cannot write it off and transfer it to personal use in the same year. When you file your taxes you have to put the dates in service and out of service. You would have to pay back the monies you deducted. Others have mentioned depreciation and useful life. Any item that you write off and either sell or transfer to personal use during the useful/depreciable life you have to add back all the deductions. Once it is a business expense keep it a business expense or dont write it off. If there is a monthly expense that is involved like internet service you can write off the % of internet that is for business.
How can I learn to take quicker and better notes in my college courses?
Heron By T
Answer
Ahhh, as a recent grad I'm happy to share with you my experience. Here's some strategies that may help:
1) Use a computer, laptop or Brother's word processor (Brothers is a company that makes portable machines that aren't as pricy as laptops.)
2) Use a palm pilot and keyboard to type out notes.
3) Gather notes from all your friends and combine them after class.
4) Use a tape recorder to tape the lecture. (I dont' really recommend this b/c listening to it would be like taking the class over again, but it works well for some people.)
5. Instead of only writing out notes on a notepad, pull out the book and underline stuff the teacher talks about. Use a highlighter only for really important stuff.
6. Sometimes when the teacher talks too fast and lists something out, I'll write down the first few letters of each thing. This reminds me of what the rest of the word is. I'll finish up the word after the list is finished.
7. Ask the teacher about stuff you missed after class. This will show you care about the class and let the teacher know that s/he might be moving along too quickly.
8. Ask your smart friends how they do it.
9. Find the nerd and ask him/her how s/he does it.
Good luck.
Ahhh, as a recent grad I'm happy to share with you my experience. Here's some strategies that may help:
1) Use a computer, laptop or Brother's word processor (Brothers is a company that makes portable machines that aren't as pricy as laptops.)
2) Use a palm pilot and keyboard to type out notes.
3) Gather notes from all your friends and combine them after class.
4) Use a tape recorder to tape the lecture. (I dont' really recommend this b/c listening to it would be like taking the class over again, but it works well for some people.)
5. Instead of only writing out notes on a notepad, pull out the book and underline stuff the teacher talks about. Use a highlighter only for really important stuff.
6. Sometimes when the teacher talks too fast and lists something out, I'll write down the first few letters of each thing. This reminds me of what the rest of the word is. I'll finish up the word after the list is finished.
7. Ask the teacher about stuff you missed after class. This will show you care about the class and let the teacher know that s/he might be moving along too quickly.
8. Ask your smart friends how they do it.
9. Find the nerd and ask him/her how s/he does it.
Good luck.
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Title Post: Doing a tax write-off for a laptop?
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