How to write things off for your business taxes and what do you write off?

Question

How to write things off for your business taxes and what do you write off?

Answer 1

go see an accountant. don't try to do it yourself if you don't know that much already. a professional will get you all the best breaks he can - remember, you pay them for their services, not the IRS

Answer 2

You can deduct any ordinary and necessary expenses of conducting business.  It is that simple.

So it all depends on what your business is as to what is "ordinary" and "necessary".

How to?  Unless your business is a partnership or corporation, you will be computing its profit by including a Schedule C on your tax return.  That schedule will have you declare any money you took in and let you deduct those ordinary and necessary expenses to come up with a profit.  You then take that profit and add it onto your regular 1040.

Answer 3

Keep very good records of those expenses related to your business activity.  Things like vehicle mileage records need to identify the business purpose of the particular trip.  The more that something could also be for personal use the better the record keeping should be.  You may wish to talk to others in a business similar to yours to see the type of records they keep.