Haha - this is golden advice, but I really think I could justify a karaoke machine! Thanks for this. I will soon need my own tax accountant, separate from husband.
The best thing to do is talk to your tax pro (every biz woman MUST fork out for an accountant - also biz expense) because they will have a way LONGER list than a Substack will accommodate! Mine calls me every time I send in my proposed expenses, saying, "you forgot to deduct your internet. What about the depreciation on your office equipment? How about that new SAD light you use for your video coaching? Why haven't you reported your mileage?" The SAD light might be a stretch, but if part of your living comes from talking to ppl on Zoom and trying to look human, why not give it a shot? Your tax pro will have no trouble telling you it's really too much. Please don't leave this to software or a pop-up tax kiosk in a strip mall, I beg you. Suggested cautionary tale: Michelle Yeoh's Oscar-nominated character has to endure an audit, conducted by Oscar-nominated Jamie Lee Curtis. Evelyn has deducted costs of a karaoke machine among other items NOT related to running a laundromat. Because she had no accountant, she had to figure it all out by herself. DON'T BE EVELYN. Jaime Lee Curtis will find you.
Yippee! You'll need it when you're cranking those books out, sending out signed bookplates and advance reader copies, and traveling to schools :() It's happening!!!!
Haha - this is golden advice, but I really think I could justify a karaoke machine! Thanks for this. I will soon need my own tax accountant, separate from husband.
The best thing to do is talk to your tax pro (every biz woman MUST fork out for an accountant - also biz expense) because they will have a way LONGER list than a Substack will accommodate! Mine calls me every time I send in my proposed expenses, saying, "you forgot to deduct your internet. What about the depreciation on your office equipment? How about that new SAD light you use for your video coaching? Why haven't you reported your mileage?" The SAD light might be a stretch, but if part of your living comes from talking to ppl on Zoom and trying to look human, why not give it a shot? Your tax pro will have no trouble telling you it's really too much. Please don't leave this to software or a pop-up tax kiosk in a strip mall, I beg you. Suggested cautionary tale: Michelle Yeoh's Oscar-nominated character has to endure an audit, conducted by Oscar-nominated Jamie Lee Curtis. Evelyn has deducted costs of a karaoke machine among other items NOT related to running a laundromat. Because she had no accountant, she had to figure it all out by herself. DON'T BE EVELYN. Jaime Lee Curtis will find you.
I knew some of these, but not all. Thanks! Am saving for future reference.
Yippee! You'll need it when you're cranking those books out, sending out signed bookplates and advance reader copies, and traveling to schools :() It's happening!!!!