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Tuesday April 8, 2008
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Haven't checked a calendar in while? You've got a week left to file your income taxes. If you've been scrambling to find things to write-off, audio/video site Sound and Vision has a few tips that might help you write off that $10,000 home theater.
Of course, they want to help you keep things on the up-and-up, so they've got a step-by-step litmus test for the validity of such a write-off, including tidbits like,
The gear you've bought needs to be for your job. So as long as your job involves something to do with music or video, it's cool to deduct the cost of equipment? "No," declares Tom Ochsenschlager, vice president of taxation of the American Institute of Certified Public Accountants. "Even if you, say, worked for Disney as an animator, you couldn't deduct your home theater gear unless your employer didn't provide adequate facilities at the business itself.
It might be a bit late in the game to start thinking about a quintuple digit write-off, but, heck, if you were planning on adding that plasma screen to your return, it's certainly worth a look. And, of course, there's always next year...
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