Does anyone know where i can get a complete list of deductions? I would rather save my receipts as i go then try and dig them out when tax time rolls around.

thanks

There is not a "complete list" of tax deductions. However, my two favorite guides would be the Pub 17 and the Pub 535.

You can order the actual books from the IRS website for free or you can type the publication number in the search box to find a downloadable PDF version. They are updated annually.

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Rebecka Melson ~ Virtual Business Services

Rebecka thanks for sharing 2 of your favorites. You are a wealth of knowledge and we are so fortunate to have you here!

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Dawn Riley
A Virtual Assistant in Paradise
Our business is about making yours better

I ordered the Virtual Small Business Tax Workshop DVD from the IRS website and it mentioned a few deductions. From what I understood, the IRS will evaluate the deductions you are sending in so they all might not be accepted. The one deduction that was important to me that they mentioned, was that you can deduct Health Insurance. I was very happy when I heard this.

I just ran into this thread and am so glad I did - thank you Rebecka (and PP for bumping the thread!)

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Great advice. Thank you all for sharing. I love this forum! :-)

thanks for posting this! i was wondering the same thing. very helpful!

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www.virtualofficeexpress.com

Save all receipts for everything that could be even remotely connected to business. I would talk to an accountant at least for some advice and guidelines.
ex: food and entertainment is usually 50% but you have to have business purpose (ie a meeting to discuss upcoming plans or a client meeting).
Business Mileage (you can either do the cents/mile or save all receipts and take a % as business mileage).
A good investment (believe I learned the hard way) is to talk to an accountant on the front end rather than wait till the end of the year.

Good advice! I too save every receipt and mark on the receipt what is was and for what purpose. My husband does side work and at times gets a 1099, so we have to make sure what receipt goes with what "business". There is a lot of times I use my personal money for business purposes, so make sure you save those as well!

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Michelle
Mid-Knight Business Solutions