Please suggest some last minute deductions!

[All4MyDaughter]

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I'll start by saying that I know this is a first world problem! 😀

I need some deductions for my business for 2012 and I only have 24 hours.

I'm thinking:

New computer - but what kind? I'm horrible at buying electronics
Printer with wireless capability - or maybe an adapter for my current printer?
Lexi Comp for my intern
Pharmacist Letter for my intern
Renew my own Pharmacist Letter for three years
My ACCP and APHA memberships have lapsed - but I'm not sure I need both (I'm in NCPA and just joined ASCP)

I can't renew my RPH licenses yet, so that's out - one expires in February but renewal doesn't start until 1/4/13 and the other doesn't expire until 2014.

I am also wondering if it would be better to hold off on some of these expenses until next year, since taxes may be higher. But, I will have more business income this year. I'm not sure what to do and think I should have thought about this earlier. 😉

Any suggestions?

 

[owlegrad]

I like the idea of using expenses for your intern to reduce your tax burden. Does anyone know any loopholes or tricks to help with this?

 

[All4MyDaughter]

I like the idea of using expenses for your intern to reduce your tax burden. Does anyone know any loopholes or tricks to help with this?

Maybe I should adopt my intern as my Medicaid baby? Do you think he would be open to that?

 

[owlegrad]

Maybe I should adopt my intern as my Medicaid baby? Do you think he would be open to that?

Do the babies actually get any of the cocaine?

 

[All4MyDaughter]

Do the babies actually get any of the cocaine?

No that gets sold to put gas in the Hummer.

 

[confettiflyer]

I'm actually moving income into 2012, I had some accounts due in January but I convinced them to pay early. Went nuts on capital expenses this year and realized, with the higher taxes next year, it made sense to do this.

You can just buy a bunch of stuff....and return it later if you realize you didn't really need it.

Or you can buy me a new ipad for all this financial info I'm sending your way in the other thread

 

[ravingrabbid]

I'll start by saying that I know this is a first world problem! 😀

I need some deductions for my business for 2012 and I only have 24 hours.

I'm thinking:

New computer - but what kind? I'm horrible at buying electronics
Printer with wireless capability - or maybe an adapter for my current printer?
Lexi Comp for my intern
Pharmacist Letter for my intern
Renew my own Pharmacist Letter for three years
My ACCP and APHA memberships have lapsed - but I'm not sure I need both (I'm in NCPA and just joined ASCP)

I can't renew my RPH licenses yet, so that's out - one expires in February but renewal doesn't start until 1/4/13 and the other doesn't expire until 2014.

I am also wondering if it would be better to hold off on some of these expenses until next year, since taxes may be higher. But, I will have more business income this year. I'm not sure what to do and think I should have thought about this earlier. 😉

Any suggestions?

Lexi-comp's got a 50% off sale right now (till 12/31) if you purchase the complete version. Add the coupon code "winterp12" at checkout.

For computers, they're all pretty similar, you don't need to have any fancy graphics cards/processors if it's for basic tasks e.g., word processing, etc, so don't spend more than $500-$600 total, I think. I like the customer service that comes with Lenovo though, as it's 24/7 and in the US 😀

Hope that helps

 

[All4MyDaughter]

I'm actually moving income into 2012, I had some accounts due in January but I convinced them to pay early. Went nuts on capital expenses this year and realized, with the higher taxes next year, it made sense to do this.

You can just buy a bunch of stuff....and return it later if you realize you didn't really need it.

Or you can buy me a new ipad for all this financial info I'm sending your way in the other thread

Yeah, I'm waiting on payments from the 2nd half of November and all of December. I am thinking they are going to come in January and be counted toward 2013 instead of 2012. So I will need some deductions next year because it's quite a bit of money.

Lexi-comp's got a 50% off sale right now (till 12/31) if you purchase the complete version. Add the coupon code "winterp12" at checkout.

For computers, they're all pretty similar, you don't need to have any fancy graphics cards/processors if it's for basic tasks e.g., word processing, etc, so don't spend more than $500-$600 total, I think. I like the customer service that comes with Lenovo though, as it's 24/7 and in the US 😀

Hope that helps

My sister suggested a Macbook Pro, they are so expensive. I am looking at the Acer M5, which is in the price range you suggested. I don't need anything super expensive or powerful to surf the internet and use Microsoft Office!

Thanks for the tip about Lexi-comp. I need to get on over the site and make my purchase or my intern is going to be mad at me.

 

[confettiflyer]

Yeah, I'm waiting on payments from the 2nd half of November and all of December. I am thinking they are going to come in January and be counted toward 2013 instead of 2012. So I will need some deductions next year because it's quite a bit of money.

Yeah same, I account on cash basis. I had them pay by check and just date it 12/31/12 and I'm holding it as a courtesy.

My sister suggested a Macbook Pro, they are so expensive. I am looking at the Acer M5, which is in the price range you suggested. I don't need anything super expensive or powerful to surf the internet and use Microsoft Office!

Thanks for the tip about Lexi-comp. I need to get on over the site and make my purchase or my intern is going to be mad at me.

If you just want something to browse, look for the ultra light laptops (MacBook Air, Samsung 9 Series, etc...), it's easier to travel with and easier on the shoulders (I use a messenger bag when I travel).

 

[All4MyDaughter]

Yeah same, I account on cash basis. I had them pay by check and just date it 12/31/12 and I'm holding it as a courtesy.

So what matters is the date on the check? I might get one dated 12/31/12 so that would count for this year. But I did a huge last minute job that I won't see payment for until at least 1/31/12. 🙁

If you just want something to browse, look for the ultra light laptops (MacBook Air, Samsung 9 Series, etc...), it's easier to travel with and easier on the shoulders (I use a messenger bag when I travel).

Currently I'm using my husband's large laptop because my Netbook kicked the dust. I bought the Netbook when my tablet PC started smoking in class. We probably go through too many computers in this family. But the hubby's computer is too big for me to want to carry it anywhere. I got an iPad which is fine for surfing when I'm out and about, but can't really do any work on it.

 

[smercer]

Unless you are doing something that requires the use of CDs, then a tablet may be a better choice than a laptop. Especially for the convience aspect, as many tablets can fit into a medium sized purse if needed.

 

[All4MyDaughter]

Unless you are doing something that requires the use of CDs, then a tablet may be a better choice than a laptop. Especially for the convience aspect, as many tablets can fit into a medium sized purse if needed.

I have an iPad, but it's not good for using the programs I use in my line of work. At least, I haven't found a way to use it effectively for that. When I got the iPad I was convinced I had to have it and it would dramatically increase my productivity. Now I just think it's a fun toy that unfortunately, aggravates my carpal tunnel syndrome.

 

[confettiflyer]

So what matters is the date on the check? I might get one dated 12/31/12 so that would count for this year. But I did a huge last minute job that I won't see payment for until at least 1/31/12. 🙁

Really it's date of delivery. As long as the check is technically out of the control of the sender by 12/31/12 and in your control by midnight (and not post-dated), it's recorded as income for 2012.

Just have a handshake agreement in place that you won't go to the bank until 1/31/12.

I wouldn't do this with every client though, but if they deduct your services on their 2012 taxes, they might be on board.

TECHNICALLY you can have a client back date a check to 12/31 and you record it as 12/31 and invoice them as such...and on paper everything looks good, but that's illegal. But if no one opens their mouth within the statute of limitations, it's fine. But...it's a risk you take, I wouldn't do it.

 

[confettiflyer]

Unless you are doing something that requires the use of CDs, then a tablet may be a better choice than a laptop. Especially for the convience aspect, as many tablets can fit into a medium sized purse if needed.

Who the hell uses CD's now? I bought my car 3 years ago and still haven't used my CD player, I don't even know if it works!

 

[All4MyDaughter]

Who the hell uses CD's now? I bought my car 3 years ago and still haven't used my CD player, I don't even know if it works!

The only CDs I've touched recently are the ones with pics of my kids from the portrait studio. I back up and share files online.

I'm not even sure if our van has a CD player. Thinking... it might, but we haven't used it. It has the jack for iPod, and it has a DVD player. It came with free satellite radio, so we just use that.

EDIT: my husband's car has a CD player, but his radio broke and he's too cheap to fix it so no CDs either. He only drives the car to/from work so he doesn't care. Anywhere else we go, we drive our van. His car is kind of junky, but it's paid for and gets the job done!

 

[Old Timer]

Speak to your accountant. If you are on a cash basis, it's when you deposit the check. If you are on the accrual basis, it's when you provide the service. Whether you are paid or not, services provided in 2012 and on your A/R are taxable for 2012.

If you want a printer get one of these:

Brother HL-4570 DW