write-offs

[1ofdbest]

Some people have told me that since I work on my own if I pay for a massage I can write it off. I was wondering if 1) is this true? and 2) if it is true what kind of expense is it? t017

 

[Monica]

write-offs

Some people have told me that since I work on my own if I pay for a massage I can write it off. I was wondering if 1) is this true? and 2) if it is true what kind of expense is it? t017

Education/Market research. :grin:

 

[~Love my kids~]

Yep, it is true. But I don't think you can write off your weekly, or bi-montly regular health upkeep massage. You can write off massages that could be classified as R&D (Research and Development/ and/or Education, as natural healing stated).

So while I am not a tax expert, I would say this would apply to massages you get from new therapists that you want to try out, or new spa treatments, like when you're travelling and you want to check out a spa or clinic and see how they were set up, how they run the place, and how the massages are, you could write off your visit there.

 

[smoochy "yassassin"]

Shiva,

"Market research" eh, hmnn. . . I'm going to Hawaii this winter I'll have to remember that one. My accountant tells me I need more tax deductions. Maybe some extensive "market research or education" may be in order. :

 

[stymie]

Definitely consult a tax professional.

you would be surprised what you can -- and can't -- deduct.

Also, be sure you really know the tax implications.

"Write-off" is a very mis-understood term.

A trip to Hawaii would reduce your taxable income -- which is very different than reducing your taxes -- by the amount you can deduct/write off.

If you make $50K this year, but spend $1k on research, you get taxed on $49K. Which means the tax savings is just $1k * (1-Marginal Tax Rate), which can be as low as $200. So it still cost you $800 to go on the trip.

 

[Grannyjill]

I was told you can write off massages as maintenance on equipment, since you are the equipment. another therapist told me that when I was starting up my own business, haven't actually heard from my tax guy though.

 

[MagicFlakes]

I was told you can write off massages as maintenance on equipment, since you are the equipment. another therapist told me that when I was starting up my own business, haven't actually heard from my tax guy though.

:shock: Um....verify all tax advice with your tax guy. I sincerely doubt anyone in the IRS is going to let anyone get away with "but I AM the equipment!"

Equipment is depreciable and replaceable. Does this other MT also write off her groceries??

 

[samra]

I agree.... though you may get away with such deductions for awhile, if ever you get audited, things might get a bit scary.

 

[cristal c]

Thanks again for all the advice. I do understand about reducing taxable refund I guess I just worded it wrong when I said "write-off" I guess I don't know the correct term. I will hold onto my recipts and talk to my accountant.

Hawaii does sound nice 8)