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Tech Deductable From Taxes, Says Accountant - Here's How

by Lee Bains on February 26, 2009 at 12:15 PM


As April 15th rapidly approaches, and as more and more of us become under- (if not un-)employed, one CPA named Glenn Eisenbruch is willing to ease our burdens, showing us how to strike tech from our taxes at LaptopMag.com.

We here at Switched are pleased to find out that -- whether incorporated as a business, or not -- any self-employed person (including bloggers, thankfully) can write off his or her computer, phone, printer and even furniture. "As long as it is used in a trade or business," Eisenbruch told Laptop Magazine, "it would qualify."

While this news is more than welcome, the tax break code is not an easily broken one for schmoes like us. So, that being said, we'll let Mr. Eisenbruch speak for himself. Click through to find out how you can catch a break on your computer, your smartphone, or even your vehicle.

"Do You Qualify?
  1. In addition to computers and vital software, the code covers other office equipment and electronics, large vehicles, and even furniture.
  2. The code does not apply to business real estate and leases.
  3. The code also does not apply to equipment used outside the United States.
  4. An estate or trust may not claim this deduction.
  5. You may take advantage of this code if you lease equipment.
  6. You must deduct a business item the year you place it into service.
  7. The maximum dollar amount for 2008 is $250,000; for 2009 $133,000
  8. Your Sec. 179 deductions may not exceed your taxable income. If it does, however, you can carry over the surplus.
Filing Your Taxes
  1. You must use Form 4562 ("Depreciation and Amortization") to take advantage of Section 179.
  2. Follow the instructions, consult an accountant, or use tax software to calculate the depreciated value of your business equipment. Section719.org also has a free tool to help you do this. http://www.section179.org/section_179_calculator.html"
Go forth and save, fellow Americans. And don't thank us. Thank Laptop Mag. [From: Laptop Mag]

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Tags: advice, save money, SaveMoney, tax breaks, TaxBreaks, taxes, top

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