AM and taxes

What can you deduct from taxes if you are registered AM business?

[Micbsv]

I’m in US and have the question in the subject.

As far as I know you can deduct new hard- and software, business books, office supply and Internet.

But can you deduct a part of the apartment, electricity, gasoline, cell-phone, a trip to Hawaii ;) or something else if you are in the business?

[Jesse_Smith]

Talk to a CPA, or get TurboTax!

[guitaristinus]

I don't bother deducting "home office" expenses like a percentage of the heat, electricity, phone, home insurance, house depreciation. My desk doesn't take up that much space. Not worth the trouble.

If I were to attend an AM meeting somewhere, I would deduct what expenses I could.

A good deduction is health insurance. It's not a business deduction (schedule C) but is found on schedule 1040 line 31.

[Beagle]

Be careful with the home office--the rules are quite strict, and it can be an audit flag. Has to be a separate room dedicated to the business, not a desk in the corner.

If you do some business-related driving, you can keep a log of it (day, destination, reason for the trip, odometer readings at start and end) and use the IRS standard "per mile" deduction.

[gamb]

you don't need to be registered as a business. if you include your earnings on your taxes, you can write it off.

Think:

phone
cell phone
internet acess
computer (depreciate it)
software
digital camera (if you use it for work)

the list goes on.....

[TrustNo1]

"Has to be a separate room dedicated to the business, not a desk in the corner. "

My accountant says otherwise:) Best thing you can do if you do this full time, getting an accountant. My biggest deduction would be advertising expenses.

[Beagle]

"A room or other separately identifiable space," so I suppose definitions could vary. Exclusive use doesn't seem to be a question, though (exceptions to that are for inventory storage and daycare). If your eyes are up to it:

[irs.gov...]