Posted by Allen Goodman on February 20, 2011 at 10:46:46 from (174.22.173.233):
In Reply to: another tax question posted by Dave from MN on February 20, 2011 at 09:18:41:
You can deduct any repairs/materials/shop supplies/services that apply towards your equipment/property. If you have a in home office, deduct the sqaure footage, pro-rate your utilities for that space, percentage of your computer/printer that's used business, trash pickup, telephone/cell phone usage. Basically, you can deduct anything that you can justify supporting the business. I deduct my tractor pulling expenses under Advertising (lodging, fuel)for each pull. Since I'm the coordinator for our 4th of July activies, I make a invoice for the my man hours/equipment and attach a receipt from the town with their non-profit tax ID#. No problems to date. Been aduitted 3 times the last 10 years with no faults noted. Matter of a fact, the last audit, the auditor told me to deduct my tractor pulling expenses.
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Today's Featured Article - It Can't Be Done! - A Tractor Story - by Neil Campbell. I'll never forget the time back when I was a boy baling hay on our Farm in Big Rapid, Michigan. The most memorable event that took place was a trip up the steepest incline on the farm pulling an old New-Idea baler with a pony-motor for power and a haywagon. I had just talked my Dad into buying an old John Deere B with 6-speeds ahead and I was real proud of it, except it was a little smaller than the Case tractor that we normally
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