Ask Alex: Hoping for a Tax Break

Dear Alex,
I bought a weight-loss gadget and then ended up writing about my experience for my lifestyle column. Can I write off the cost of the gadget as a business expense even though it wasn’t purchased with that intent?
Sincerely,
Hoping for a Tax Break

 

 

This Month, NSNC Vice President Chris Carosa answers:

Dear Hoping for a Tax Break,
So, here’s the thing about answering tax questions – there are just way too many personal variables to offer a definitive answer. That’s why CPAs get paid the big bucks. If you don’t have a tax advisor, you should get one. And by “tax advisor” I mean a real live human, not a robot or piece of software – not that there’s anything wrong with robots (after all, the machines will one day rule us all, and it’s always a good idea to stay on the good side of your future overlords). That being said, it’s also probably a good idea to know how to explain your situation to the tax advisor. For example, are you using this gadget for personal use or did it end up being used only for the purpose of writing the article? The way you have used it may determine what, if anything, you can claim as a business expense. The other important thing you’ll need to explain is the exact nature of how your writing business is set up. Is it a Schedule C? Is it formally organized as either an LLC or a corporation? This can also determine what (and when) deductions can be made. Hope this helps. Remember, don’t take any tax advice from me, only use a professional.
***
Christopher Carosa, errant author, publisher of Mendon-Honoeye Falls-Lima Sentinel, and embedded journalist/Chief Contributing Editor at FiduciaryNews.com.

 

Do you have a question for Alex? Send questions to NSNCAskAlex@Gmail.com You must be a member for your question to be considered. Read more details about Ask Alex HERE.

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What’s your question for Alex?

Do you ever wish you had a mentor to give you advice about the business? Sure, we have the Columnist Clubhouse as a place where anyone can go to gather, share, and offer support. Of course, you can always post questions there. But people don’t always see every post and let’s face it, maybe you have a question you don’t want to just pitch out there publicly. Or maybe you prefer to stay anonymous. Well, the seasoned columnists in our membership have a solution for you. The National Society of Newspaper Columnists introduces Ask Alex, an advice column for members by members. Alex is the beloved gender-neutral nickname for our logo. Consider Alex an agent if you will, an agent who will seek the right columnist to answer your question in a future newsletter. Have a question? All you have to do is ask! Send questions to NSNCAskAlex@gmail.com. You must be a member for your question to be considered. Not a member yet? Become one by clicking HERE.

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