It’s that time of year again. Time to sort through your shoe box of receipts in preparation for the tax man. As I hack my own path through the jungle of deductions, I’ll be sharing the little truffles of information I dig up along the way. (Oh c’mon, that metaphor was awesome).
Here’s the first: did you know that you can deduct things you use for your business that you bought long before you even had a business? It’s true. If you bought a bookcase for your living room three years ago and this year it migrated to your office, your business “bought” it from you. You can’t deduct the price you originally paid for it, but you can deduct what it’s currently worth on craigslist.
Tip courtesy of accountant Bob Silver, at http://robert-silver.com/info.php?a=selfemploy