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That's why you see the accountant NOW. You don't bring your receipts. You bring your head. You will describe your business, what you do, where you spend money, how you make money. The accountant will ask questions and provide advice. S/he doesn't need the documents at this stage.

That makes good sense. Thanks.

doc


Doc, if you can make such good sense as you do of all the Mechanical Investing writings, the IRS pubs should quickly become duck soup to you!

Just to add one more thought, which a tax specialist will probably bring up too, you may be able to use the C-EZ form. Essentially this is for the simple personal services kind of business where you have no equipment to depreciate. You can still deduct other business expenses, mileage for business travel, and account for changes in inventory value (for simple cases) -- should you have any.

PS: I enjoyed your work on the 24 hours show; those devices looked pretty realistic!

Karl (a TCE/AARP Tax-Aide volunteer)
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