Are you self employed or a member of a partnership? You can deduct certain education expenses as a business deduction which will save you or the partnership income tax as well as self employment tax. The education expenses are deductible if:1. You are already in the business for which the education is used for. If you work in the business but have not met the minimum educational requirement to ‘be in the business’, you are not in the business to deduct these education expenses.2. You can reimburse or pay for the education of yourself or an employee of you or your entity.
Brian’s Tax Musings
Did you know that even if you don’t qualify for a home office deduction, you can still depreciate business equipment and furniture in your home.If your home office is used by others in your home for other activities, you lose the home office deduction. But if the furniture and equipment (computers, printers, chairs, desks and other furniture) is used for business, the business percentage of the assets can be depreciated. In 2011, you can take 100% bonus depreciation or section 179 on that portion for a major tax writeoff.So you will still get some business deductions out of furniture in your home.
Brian’s Tax Musings
As I discussed yesterday, having a car or truck over 6000 lbs exempts it from luxury car rules. Here is a table of autos and trucks with Gross Vehicle Weight Ratings (GVWR):http://www.alphaleasing.com/businessaspects/over6000gvwr.aspSo go ahead and buy that gas guzzler for your business- you will have tons of business deductions for gas, insurance and depreciation.