true, but to be a legitimate expense, you almost need to use the items exclusively in the business and not for personal use - if you're in a grey area, then be conservative with the decision on whether or not to treat it as a business expense. I think the degree of risk will correlate with the size of "loss"...but that's really the accountant's call.
The test I use is "If I were called on to testify as to the legitimacy of an expense...could I answer truthfully".
I had a friend who was a work at home artist. He expensed his collection of CD's because the stereo (that filled the whole house with music) was located in his studio and therefore was the equivalent of a Muzak system to his business. I really thought that pushed the envelope of propriety... The same might be said about equipment you purchase and use personally 40% of the time...it just doesn't smell right (not implying that is your plan...just an example)
Last edited by Mr. Bloom; 09-06-2009 at 07:45 AM.
If you don't grow where you're planted, you'll never BLOOM - Will Rogers