<![CDATA[Deduct A/V Gear From Your Taxes? Whaaaaaaawesome! - Gizmodo Comments]]> <![CDATA[Deduct A/V Gear From Your Taxes? Whaaaaaaawesome! - Gizmodo Comments]]> <![CDATA[Deduct A/V Gear From Your Taxes? Whaaaaaaawesome!]]> @glipz: Basically, this can apply to anyone with a mortgage, because you're pretty much gauranteed to be itemizing your deductions instead of taking the standard deduction. And since you're itemizing anyways, it pays to itemize as much as possible.

But before any of y'all try this at home, make sure you read that article as it points out critical caveats such as the 50% rule (which would rule out a lot of people's TV's)

Accelerata

]]> <![CDATA[Deduct A/V Gear From Your Taxes? Whaaaaaaawesome!]]> Yes but if you are a CEO of a public company (like Tyco) you get the stockholders to pay for your toys and your wife's $2 million birthday parties! I think I want to come to the Gizmodo offices and puke all over Sean Fallon!

Skeptical_Geezer

]]> <![CDATA[Deduct A/V Gear From Your Taxes? Whaaaaaaawesome!]]> I had planned to deduct a few electronic purchases that were directly related to my work last year but what I didn't know was you need to spend at least $800 before you get to write off tools of the trade. Clearly not to difficult but I was being very judicious.

dkoemans

]]> <![CDATA[Deduct A/V Gear From Your Taxes? Whaaaaaaawesome!]]> @avconsumer:

You said it. It is things like this that cause heartburn for people down the road.

When people make comments like "I've been deducting these for years", I prefer to read "I've been deducting these for years and under an intense IRS audit were found as valid deductions".

This is a topic that is not simple, so don't everyone go out and start deducting these things.

For example, if you buy a TV and put it in your living room, then you have to track/estimate the amount of time you sit down to watch it for work versus sit down and watch it for personal use. Simply saying I'm in the industry and I am always working just dosen't fly. Let alone the fact that this equipment would be most likely depreciated and not immediately expensed.

Another example, damnElantra mentioned that he deducts 35% of his rent because he sometimes works from home. This would imply that he works more than 35% of his time at home because you have to come up with some form of logical allocation of space. 35% means he works 35% of his total time in every room in the appartment. Bathroom/Kitchen/Bedroom would be a stretch.

Remember, if you love the tax code, you probably are not applying it correctly! And one last thing, just because you accountant or CPA allows you to deduct it, doesn't mean its a valid deduction. I know a lot of "C"ut "P"aste "A"ttach people.

This post is not legal/tax advise. I hate the IRS. After I think about it, I hate most government agencys that go by 3/4 letters.

JLane

]]> <![CDATA[Deduct A/V Gear From Your Taxes? Whaaaaaaawesome!]]> @Sythzen: Sadly, there are a lot of people that don't understand the free enterprise system in America. People don't get why "you rich guys" get tax breaks to take risks and start businesses. I think this is a good article that could potentially spur on more businesses.

Joseph

]]> <![CDATA[Deduct A/V Gear From Your Taxes? Whaaaaaaawesome!]]> No one even mentioned that you still need to be spending over 5000 (which i think was last years standardized deduction) on deductable items. So your either very rich, wasting a lot of money on electronics, or just wasting your time tracking it all.

I always hear people say "Oh you could deduct that" I think people love the idea of tax deductable because it sounds like you get to spend more money. I mean even if you do get a deduction on your 5000 in fancy electronics you spend if your paying out 25% of your income to taxes thats less than you would get if you just waited to buy that stuff when the price is better.

I know this stuff applies to some people. But i think all to often people just love to shout DEDUCTABLE!

glipz

]]> <![CDATA[Deduct A/V Gear From Your Taxes? Whaaaaaaawesome!]]> I LOVE CAKE BABY'S!

StopRilla

]]> <![CDATA[Deduct A/V Gear From Your Taxes? Whaaaaaaawesome!]]> My 70 in 1080p rear projection unit is clearly a computer monitor, not a TV

auroragb

]]> <![CDATA[Deduct A/V Gear From Your Taxes? Whaaaaaaawesome!]]> I don't get it, I've been doing this for awhile now since I own a technology consulting company on the side.

Sythzen

]]> <![CDATA[Deduct A/V Gear From Your Taxes? Whaaaaaaawesome!]]> This article should be Called "LETS BE A RED FLAG ON THE IRS AUDIT GROUP"

mrxcel

]]> <![CDATA[Deduct A/V Gear From Your Taxes? Whaaaaaaawesome!]]> Yep. Need to re-title this article... "How To Get Audited By The IRS! Whaaaaaaawsome!!"

My bet is there are already more people deducting this stuff than should be.

avconsumer

]]> <![CDATA[Deduct A/V Gear From Your Taxes? Whaaaaaaawesome!]]> In all honesty, as an accounting student and future CPA, I would have to advise you to NOT EVER POST TAX "HELP" or "INFORMATION" on your website. It exposes you to liability. You don't even have a disclaimer on the page.

Menaq417

]]> <![CDATA[Deduct A/V Gear From Your Taxes? Whaaaaaaawesome!]]> Great Advice. Set up a shill business and commit tax fraud all so you can buy electronics instead of paying your taxes.

000austin

]]> <![CDATA[Deduct A/V Gear From Your Taxes? Whaaaaaaawesome!]]> As someone who is an expert in tax after having taken a single, introductory course in federal income tax at law school, I can assure you that this is almost certainly more trouble than it's worth, and not likely to succeed. The rules about what is a passive activity and when the losses can be deducted are byzantine and harsh.

Pender

]]> <![CDATA[Deduct A/V Gear From Your Taxes? Whaaaaaaawesome!]]> I'm a part time writer for a technology blog, does that count? What about if I just write comments? Technically, I get paid for it...

matto

]]> <![CDATA[Deduct A/V Gear From Your Taxes? Whaaaaaaawesome!]]> Seem's to me like a waste of time writing off those nice toys considering I always had the various companies buy them for me anyway! hahaha

TheByte

]]> <![CDATA[Deduct A/V Gear From Your Taxes? Whaaaaaaawesome!]]> This include early adopters of HD-DVD who now have to buy a new Bluray player? That's gonna take me a bit of work!

cryptoknight

]]> <![CDATA[Deduct A/V Gear From Your Taxes? Whaaaaaaawesome!]]> A friend of mine does this, at least for the monitor part. He is self employed in the computer industry, and actually tries to buy his display gear from places like monitoroutlet.com so he can write it off as a monitor, which technically it is.

fuzzycuffs

]]> <![CDATA[Deduct A/V Gear From Your Taxes? Whaaaaaaawesome!]]> As a self-employed designer and entrepreneur, these deductions are business as usual. I even write off the depreciated value of my Mac and other equipment that I purchased before the '07 tax year.

CampSteve

]]> <![CDATA[Deduct A/V Gear From Your Taxes? Whaaaaaaawesome!]]> i have been doing this for years... Ipods, Macs, laptops, European business ski vacations, home theater systems. the list goes on. I just need to make a little more bread to write off the next big ticket item. [www.controller.com]

mkasdin

]]> <![CDATA[Deduct A/V Gear From Your Taxes? Whaaaaaaawesome!]]> I work in sound effects for TV and I totally do this. Every year my accountant sends me a little worksheet I can fill out. Internet, cable, netflix, movies, concerts, technology, blank media, home theater, etc. She wouldn't let me deduct my Wii though.

Marcelo

]]> <![CDATA[Deduct A/V Gear From Your Taxes? Whaaaaaaawesome!]]> Before everyone runs off and ends up owing the IRS bunch of money, talk to your accountant. Depending on how your business is set up (hobby vs. job) you can only deduct up to the amount of income you made from that particular line of work If your primary place of business is not your home, you cannot deduct expenses for items that are in your home. Another problem, you will need to prove that the theater isn't used for personal viewing outside of work, which is pretty hard to do if it's in your living room. Basically, talk with a tax lawyer before trying this.

Y_Slide

]]> <![CDATA[Deduct A/V Gear From Your Taxes? Whaaaaaaawesome!]]> i do this every year. i work in visual effects so all my dvds are a write off as research material. my computer and 35% of my rent as well do to me working at home on occasion. and my millage goes too, because i rely on my vehicle to get me to my out of office work.

and sometimes i get to write off lunches with friends as "potential clients"

got bless tax law

damnElantra

]]> <![CDATA[Deduct A/V Gear From Your Taxes? Whaaaaaaawesome!]]> So lets say I write about television and get paid for it (and got quoted in a BBC America promo), which means watching television isn't recreational, so if I go out and get a new TV does that mean it can be deducted?

Triborough

]]> <![CDATA[Deduct A/V Gear From Your Taxes? Whaaaaaaawesome!]]> It works for video game developers.

Stephen@VWvortex

]]> <![CDATA[Deduct A/V Gear From Your Taxes? Whaaaaaaawesome!]]> Seems pretty limited. This advice probably won't work for around 99.9% of the population...

ideaman2020

]]> <![CDATA[Deduct A/V Gear From Your Taxes? Whaaaaaaawesome!]]> Well yeah, you can obviously deduct stuff if it pertains to your work. I mean, truckers can no doubt deduct their gas expenses, but "FREE GAS GUYZ OMG LOLOL!!!1111! all you have to do is become a trucker" doesn't exactly call for a whole bunch of enthusiasm.

dancinbojangles

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