Is anyone writing anything off for tax purposes?

Discussion in 'Payments' started by kevinn, Aug 17, 2006.

  1. #1
    Those of you with a personal adsense account, what are you writing off? and what can be written off? I could write off a new computer! :D
     
    kevinn, Aug 17, 2006 IP
  2. clancey

    clancey Peon

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    #2
    For the best advice, contact an accountant.

    If it is like it is here in Canada, your best strategy is to form a sole proprietorship company to have the revenue pass through it. This allows you to designate an area in your house/apartment for business only purposes and to write off that percentage of space against the business income. Here, computers are normally considered a type of asset which need to be depreciated over time. Some people do write them off all at once . . . but that can be over-turned on assessment. The record keeping for businesses is more onerous than for individuals and the number of years you need to retain records is normally longer.
     
    clancey, Aug 17, 2006 IP