Claiming laptop as business expense as a Freelancer
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M$4 Answers
Keep Official Receipts and chronological records of expenses including your laptop. I suggest you either use Smart Money Plus or Quicken as a tracking tool. Retain your records at least 3 years, for any audit that maybe undertaken by the IRS.
Verify and revisit deductions that you are allowed to write-off as a freelancer. Furthermore, "there are a host of other business expenses a freelance writer can deduct." A good reference is IRS Publication 587.
With regards to your laptop, the best course of action is you may either/or "write off and/or depreciate the purchase of a new laptop for your freelance writing business."
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M$
If you work out of your home, get yourself a business name and file a DBA form so you can write this off on your taxes.
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M$
Prime example: real estate agent. Professionally licensed, but only the BROKER and the broker's company need a business license. The salespersons need to have a professional license, which means they've passed the state's test to be realty agents, but the individual salespersons do not.need business licenses.
I believe that as such, practically anything you do from cleaning your laptop to filling up your car to lunch out, even a portion of your home utilities, the meeting of potential clients for two weeks in Hawaii....if it's an item that is necessary to conduct business, it's an expense, all itemized out.
Disclaimer: Ask an accountant.
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M$
You can leave an optional "tip" with Mahalo's virtual currency, Mahalo Dollars. If you are asking a difficult question that might require some research, or if you'd like a wide variety of feedback, a higher tip often leads to more answers to your question.
M$
I'm working as a 3d terrain builder for a game studio, I need something powerful (read: expensive) I can make do with the computer at the office, but I would be much better off with something better.
Also, I'm working as a Freelancer, this is something to help me do my work. I am independent from the client.
One of the IRS criteria for differentiating between a contractor and an employee is that a contractor is expected to use their own tools (in this case - a laptop and software). Thus, if the client buys a laptop for you to use, then (a) it is not your expense but theirs, and (b) there is a risk that the IRS would not see you as an independent contractor.
"Business licenses are inexpensive -- usually only $30-$50 -- but the penalties for operating without a license can be in the hundreds of dollars. In addition, in some locales it is a misdemeanor to violate the city ordinances by operating without a business license."
http://smallbusiness.yahoo.com/r-article-a-2478-m-4-sc-27-minimal_requirements_for_working_as_an_independent_contractor-i
I am already qualified as an Independent contractor working. I had also heard something about not having to pay for a business license if you are making under 30k (which i am making under)