What can you claim?

I will wait for your response. After almost 3 years fighting mine, it is over. The IRS backed off on their stand.

Some of the comments on here would be interesting if they had my auditor and appeals.

 

Don't want to spread bad info....

Assuming an independent contractor's business, what specifically from that list would the IRS find laughable and worth of F off?

 

Claim anything you want. Just hope the IRS does not audit you.

 

I went thru an audit, and everything on that list was allowed. The only thing they wanted proof on was the entertainment receipts.

 

Well, let's do a quick breakdown on this, according to the IRS:

Maybe, but only with a receipt

ATM fees are only deductible if you can prove that the money was for meals or business expenses, otherwise, they are not allowable.

Don't count on it. Bookkeeping and tax prep yes, financial planning, don't count on it. Unless it's spelled out in big, bold type, in the form of a 3 page dissertation, along with a copy of the planners FINRA registry, forget it.

Maybe, depends on the IRS agent

CLAIMS & DAMAGES

Only if you have a dedicated line for business, otherwise forget it

Ok

Nope

Possibly, depending on the amount and frequency

Yes

Nope, I had a ticket that had I not hired a lawyer to fight, would have cost me my CDL, the IRS denied the ticket and lawyer fees, even though it happened in a commercial vehicle, they said that it was not the companies fault, therefore it was not deductible

So long as it matches to log book

Maybe, I just had them deny every last one of my "office expenses"

Uncertain, but most likely

Maybe

maybe, depending on their mood

possibly

Nope, denied my hard hat, steel toed boots and winter reflective safety jacket as all unnessecary expenses

yes

yes

Nope, according to the IRS, these are incidental expenses, and not deductible if claiming the $59/day per diem,

Nope, not a reasonable and required item

Possibly, depends on the agent

Most likely, unless reimbursed

 

You're trying to mix apples and oranges. Company drivers don't have business expenses. They have un- reimbursed work related items.

The list is pretty good for business's.

A few things to keep in mind...
-broker/agents fees are only expensed to the extent revenue was claimed
-meals and entertainment are at 50% (make sure you write the names of all attendees on the reciept
-while lawyer fee and retainers are expensed, fines levied are never expensed.
-financial planning is never expensed

 

Form 2106 Unreimbursed employee business expenses. Regardless of what I'm mixing, my comments are based on the report from the IRS two weeks ago, I am in the process of fighting.

 

Striker, I am confused from the last couple of post's. Are you claiming these deductions as a company driver or owner operator?

 

Company driver

 

According to IRS publications, a financial planner is a legit deductible expense as part of your ability to earn taxable income, this could be your Accountant or the person you pay to manage your 401k or IRA.