Tax Assist Software
Question: Is purchasing Adobe Creative Suite, a Wacom tablet, and a drafting desk tax deductible?
They’ll be immediately used to assist in portfolio and resume preparation before a job search, and possibly in the future for other illustration and design.
I am currently employed, and could, in theory, use the software at my office to do this, but it would raise eyebrows and be indiscreet. In order to deduct those purchases, will I have to file for miscellaneous income by taking on freelance work that utilizes them?
Thanks
Walter, thanksIs there a minimum amount of income I need to earn using the software for it to count toward a deduction? Does it need to be my primary source of income?
Does doing pro bono design work make any kind of difference?
Answer: AK, these expenses would not be deductible since they are not being currently used in a trade or business. However, keep a record of the dates of purchase and the amounts. Later, if you are in your own freelance business, the market value of these assets may be depreciated over a period of time, depending on the percent of business use.
Return preparer review leads to recommendations for new requirements
What is the Return Preparer Review? In June 2009, IRS Commissioner Doug Shulman called for a comprehensive review of the paid tax return preparer industry, drawing on all relevant data and input from interested parties. The goal was to produce a comprehensive set of recommendations to better leverage the tax return preparer community, fostering higher compliance with the law by taxpayers and …
Robert Littlefield, TaxAssist Accountants, Kent UK about Cashflow Manager
