Make Connections

Network, Get Answers, Find Members in Your Area, and More!

Forums » Accounting & Financial Management

Tax Write Off Question

    • 2 posts
    July 15, 2009 8:28 AM EDT
    I work as an in-house SEO specialist, and I also consult on the side. 

    I have been debating if I should go to a seminar that is in my line of work, however they (like all seminars) are rather exspensive. 

    Could the plane ticket/seminar ticket be used as a tax write off?

    Also there are some extra tools/services I would like to sign up for, one is 80 per month, can I use that for a tax write off of some kind as well?
    r34lRockNRolla7/15/2009 1:22 PM
    • 2 posts
    July 16, 2009 7:23 AM EDT
    Very interesting, thanks for all the help
    • 434 posts
    July 15, 2009 10:39 AM EDT
    Generally, according to my accountant, if the expense is intended to increase your earnings potential, the entire cost is probably deductible.

    Steve Mann
    Internet Videographer
    MannMade Digital Video
    My Email

    • 4 posts
    July 16, 2009 7:26 AM EDT
    Generally any expense that is directly related to running, growing or improving your business is deductible.  Be sure you keep track of all your expenses while traveling.  Airfare, taxi, rental car, tips etc are all legitimate business expense while traveling.  Meals while away from home on a business trip are deductible at 50%.

    You don`t really have to set up a separate entity for tax purposes although it is not a bad idea and does have some advantages.  I recommend to my clients that they set up a separate bank account and credit card for business expenses and income, just to be sure they capture all their business transactions when it comes time to file their tax return.

    Rives CPA PLLC Certified Public Accountant Chartered Global Accountant