Full Time IMers - What Do You Expense For Your Business?

[Spliffic]

I never thought this day would come, but I think I am making enough off IM part time that I have to start claiming this as income for tax purposes. Please note I'm in Canada and the network I'm making most money with does not have any sort of tax info from me (e.g. W8 Ben etc), and therefore I could get away with not filing. I would hate to get busted at the end of the year though and owe thousands of dollars that I've already pissed away, so I think it's time to do it right.

That doesn't mean I'm willing to get bent over our government even moreso than I'm getting now, and I want to know all the shit I can expense so I don't have to pay those fuckers anything more than I have to.

I also do this part time (I have a full time shitty job too) but am not making enough from IM to do this full time (family with 2 kids).

So here's a list I have so far, can anyone help me out with what more I can expense?

1. Obviously Amortize Computer and almost 100% of my Internet Bill
2. Portion of my Phone bill (mobile and landline)
3. Vehicle?
4. Lube for getting fucked by our government
5. ??

Don't want to claim part of my mortgage as an expense, b/c if I sell my house, that portion I expensed will be taxed (I think I'll be moving soon). Not sure if it works the same in the US.

Appreciate if anyone else can add to the list

 

[emp]

Professional Literature (if you buy any), Office Costs (Stationary, Printer Cartridges)...

::emp::

 

[-Matt-]

Some of your gas - driving to bank, supplies store, book store, etc

Contact prescription / eye glasses

Part of your electrical bill

And obviously all your domains, hosting, advertising, and other online business related expenses (content writing, logo design, etc)

 

[tombo100]

Furniture, internet connection, telephone expense, cell phone, computer equipment

 

[Spliffic]

And obviously all your domains, hosting, advertising, and other online business related expenses (content writing, logo design, etc)

LoL ya, forgot to put that stuff in the list (duh!).

Keep the expenses coming guys, pretty soon I'll have no income to be taxed on!

 

[AdExhibitJason]

Well anything you drink or eat while on the "job" can be considered a deduction.

 

[amanda11]

Lube you use while you're on the computer.

 

[A-D]

Fleshlight

 

[deniseg]

The law says that if you have a separate room in your house that you use as an office you can take 20% of your rent/mortgage off of your income. (I didn't have a separate room but I did this for 10 years when I had my business and never got audited.)

 

[mj1133]

Gas, food, cars, internet, cell phone etc. If you have a good CPA, almost everything is deductible.

 

[xmcp123]

Electricity, internet, any hardware. Music downloads even might work.

 

[Spliffic]

The law says that if you have a separate room in your house that you use as an office you can take 20% of your rent/mortgage off of your income. (I didn't have a separate room but I did this for 10 years when I had my business and never got audited.)

While this is true, are you aware that when you sell your house you need to pay 20% (or whatever percentage you expense above) of your earnings to the gov't? So if I bought my house at $300K and sold at $500K, $40K of my profit is taxable income. Bullshit!

I think I'll wait to get into my "final" house before doing this.