Related: Robert Reich posted earlier today that Tesla paid ZERO taxes on $5 billion in sales (earnings?), so that’s just fucking great.

  • cheesybuddha@lemmy.world
    5·
    2 days ago

    I do programming as a hobby, and it’s not out of the question that some day I’ll make something that will be sold. Can I claim my gaming PC and my homelab as business expenses? As well as my electricity and intenet?

    • OshagHennessey@lemmy.world
      3·
      1 day ago

      As far as I understand tax law (which isn’t very far), when filling out your Schedule C, you can write off 50% of the cost of the PC and lab equipment without raising too much suspicion. You can also claim them as assets and claim depreciation on them. You can also claim the portion of electricity and internet used, unless you’re a full-time W-2 employee working from home.

      You can also film yourself doing these projects and upload it to YouTube, which means you have a video production business.

      My understanding is this is how most upper-middle class people and minor millionaires legitimately reduce their tax obligations.

    • Bosht@lemmy.worldEnglish
      3·
      2 days ago

      I’m not an expert on tax, but I can tell you from personal experience that for the company that I run, with me being the only employee, I claim anything related to the business. The grey area is what percentage it’s used for the business, I’m not sure on that part. I have a separate laptop I use for the business and when I purchased it I claimed it 100 percent. Like stated though keep your receipts to cover your ass.