From: Scott Vermillion (scott_ccie_list@it-ag.com)
Date: Fri Nov 30 2007 - 14:02:21 ART
Yes, but of course each situation is different, so you really *do* need a
professional involved. I own a business and my wife is a corporate finance
type. We just the other day discussed the handling of my home lab for tax
purposes and it will be written off entirely for the 2007 tax year.
However, there's a bunch of really complicated stuff surrounding your
employment status, the amount spent, and how you interpret certain tax law
that dictates whether or not you write it off in a lump sum or depreciate
it, blah, blah, blah. Now even though my wife deals with depreciation
issues and the like in her everyday life, we still have a CPA to handle the
end-of-year stuff. Wife handles monthly filings of income tax withholding,
etc, but even with her degree in finance and years in the industry, we still
don't try to handle the tax man ourselves come Jan/Feb. Also, we buy our
CPA's "audit protection program," which is money well spent once you start
getting into some of these things that can serve as audit red flags. One of
the few things still more expensive than a CCIE's time is that of a CPA!
And God forbid an attorney, LOL!!
-----Original Message-----
From: nobody@groupstudy.com [mailto:nobody@groupstudy.com] On Behalf Of Dane
Newman
Sent: Friday, November 30, 2007 7:48 AM
To: Cacca Mucca
Cc: Bill Mckenzie; ccielab@groupstudy.com
Subject: Re: OT: Equipment Write-Off
He probably can't afford one after all the home lab he bought :) im in the
same boat and would really like to know the answer to this question also.
Dane
On 11/30/07, Cacca Mucca <caccamucca@gmail.com> wrote:
>
> Best to ask your tax advisor.
>
> On 11/30/07, Bill Mckenzie <bmckenzie@hotmail.com> wrote:
> >
> > Is it possible to write off home equipment purchase on your taxes? Does
> > anyone
> > do this?
> >
> > Bill Mckenzie, CCIE#16725, CCVP,CCSP
> > _________________________________________________________________
> > Put your friends on the big screen with Windows Vista. + Windows Live .
> >
> >
>
http://www.microsoft.com/windows/shop/specialoffers.mspx?ocid=TXT_TAGLM_CPC_
M
> > ediaCtr_bigscreen_102007
> >
> > _______________________________________________________________________
> > Subscription information may be found at:
> > http://www.groupstudy.com/list/CCIELab.html
>
> _______________________________________________________________________
> Subscription information may be found at:
> http://www.groupstudy.com/list/CCIELab.html
>
-- Dane Newman MCSE: Messaging, CCNP, CCEA
This archive was generated by hypermail 2.1.4 : Sat Dec 01 2007 - 06:37:32 ART