It appears I have a small business on my hands. I have been doing freelance computer work this year and generated enough income by it that I will have to declare it. I suddenly realized yesterday that I might have to do some quick year-end tax planning to avoid giving away a lot of the money I earned to the war machine. I was thinking of buying a new laptop as mine is not really the best for what I use it for. If expensing it right now will save me having to pay that money in taxes, it would be a good idea for me to buy it in the next week, right? Is there anything else I can expense, if I haven't been paying by company check? Does that matter? I use my car for business, but it's not owned by the company. Can I deduct maintenance, mileage, etc.? I've never itemized a deduction before, so I will have to figure that out. I know someone here will have some tips. Thanks.
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12/23/04 at 2:10pm