 Re: I think I'm in the market for some Axiom Ws!
|
Joined: Oct 2003
Posts: 1,349
connoisseur
|
connoisseur
Joined: Oct 2003
Posts: 1,349 |
Quote:
.. Hey, ya think we could count Axioms and a TV as a business expense if our motivation for buying them is to make our home a better/safer place for the kids to play? 
IANAA (I am not an accountant), but I bet you could. I have a couple of friends that run their own businesses, and am constantly amazed at the things that can be declared as business expenses. I would talk to an accountant/tax lawyer and see. If your wife is collecting taxable income from the day-care business out of the home, and if the kids are ever entertained by the TV/stereo system, I'd think you have a legitimate reason for declaring the new system a business expense.
I'm in the same boat - awaiting a couple of the wife's W2's in anticipation of a small refund. Also in the process of re-roofing our house, but I am thinking there might be an extra grand lying around that could go into the M80 fund  .
M80v2 | VP150v2 | QS8v2
SVS Pci+ 20-39
Emotiva UMC-1 & LPA-1
M22ti + T-Amp, in the Office
|
|
|
Re: I think I'm in the market for some Axiom Ws!
|
Joined: Apr 2003
Posts: 16,441
shareholder in the making
|
|
OP
shareholder in the making
Joined: Apr 2003
Posts: 16,441 |
Thanks for the notes (and the letter -- got it a couple hours ago) Alan. I'm still eager to move to a slimmer profile setup in the living room. It's just further into the future than it was a week ago.
|
|
|
Re: I think I'm in the market for some Axiom Ws!
|
Joined: May 2002
Posts: 10,654
shareholder in the making
|
|
shareholder in the making
Joined: May 2002
Posts: 10,654 |
Well Peter, Mark's a most compassionate fellow, but you're not getting any sympathy from me. Still a little interest-free loan to the federal government even after the "surprise" income on the W2? And a deduction for making the place safer for the kids with the Axioms? Safer with the EP500 shaking everything up and making things fall on them? The Service is more likely to find a way to assess additional taxes plus penalty.
A bit more seriously tax-wise, I hope that you've double-checked that the moving expenses were handled correctly. I assume that an "accountable plan" for reimbursement of expenses is in effect and that you're familiar with it because of accounting for travel expenses in the past. Briefly, if they reimbursed you for moving expenses which you accounted for and which were tax-deductible expenses, that reimbursement isn't taxable and shouldn't have been shown on he W2. If they reimbursed for some expenses which didn't fall within the deductible category, that would be taxable to you and would be reported on the W2. You said that "some" was taxable, so maybe this is the situation, but I've run into cases where even major businesses have screwed-up on this.
-----------------------------------
Enjoy the music, not the equipment.
|
|
|
Re: I think I'm in the market for some Axiom Ws!
|
Joined: Apr 2003
Posts: 16,441
shareholder in the making
|
|
OP
shareholder in the making
Joined: Apr 2003
Posts: 16,441 |
< redundant mode >
John, you have a PM.
< / redundant mode >
|
|
|
|
Forums16
Topics24,945
Posts442,484
Members15,617
| |
Most Online2,082
Jan 22nd, 2020
|
|
|
0 members (),
1,228
guests, and
6
robots. |
|
Key:
Admin,
Global Mod,
Mod
|
|
|
|
