Is it too early to start a 2015 Taxes Thread?

Don't forget there are other expenses to running a business. The mileage deduction alone is a big one for many of us. And then there are all the other assorted office and equipment expenses.

@brittish wrote:

I see a lot of people mentioning deducting their expenses - I assume you are meaning non-reimbursed expenses, correct? IE if I go do a shop at Restaurant X and spend $5 on lunch, but am then reimbursed $5 by the MSC for that shop, then that is not something I could count as an expense because I'm not out that money.

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Hell I spent almost $400 in tolls alone last year.

There are reasons that a body stays in motion
At the moment only demons come to mind
Most people tend to "think" in terms of the cash method when looking at their books; I tend to be someone who naturally thinks in terms of the accrual method (even before I took accounting classes and knew what the difference was). CaliGirl, it sounds like you may be the same way. If this is your first year in business, and you don't have other reasons that factor in, go with the method that feels more natural to you. It will even out in the end (unless you expect to jump tax brackets year to year).
@SykoSwimmer wrote:

I thought about deducting the area in my living room that I use as my "office", HOWEVER, I did some research and IRS has the "exclusive" rule. Thus, because I also use the "office" area for personal use, it technically means I cannot deduct my home office. I'm guessing other people might fall into this situation too. Whether or not they really monitor this or not, is another question.

I saw this too and came to the same conclusion. My desk area is set up in my baby's bedroom so I assumed that I would not be able to deduct any home office expenses. Seems like one of those "only hurts the honest folk" kind of things but such is life I guess.
Can't t wait to file, I may get a refund this.year.

Edited 1 time(s). Last edit at 01/23/2016 05:36AM by AustinMom.
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