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 How to write off your Folding rig in the U.S.

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mrinfinit3



Posts : 13
Join date : 2010-06-07
Age : 35
Location : Southern California-USA

PostSubject: How to write off your Folding rig in the U.S.   Mon Jun 07, 2010 4:30 pm

Didn't know where you wanted this EG... so move it if you wish Smile


OK, so after a call to my tax guy, I was asked to explain to another member on how to "write-off" charitable bandwidth donations.
My back's killing me at the moment so I'm just going to post a brief summery of the explanation, and will expand this into a guide later down the road.

..ok.... on your elect. bill it lists what you are being charged per Kw/h and divide that by your wattage pull from the AC source. (NOT YOUR WATTAGE OUTPUT) If your PSU is rated @ 15A divide that by 115v =130W/h.
1Kw=1000w
130/1000=13%... so you are able to write off 13% of your electric bill per month@ tax time.
Which is why the F@H team has print outs of certificates...for proof of charity.

The hardware can be completely written off if used for folding at least 50% of the time. (50% of your hardware is donated for outside charitable/business use).

Internet services are a lil more tricky. Since Folding does not use internet bandwidth 100% of the time and send "bursts" the maximum allowed to write off is 10% of each month with <3 clients, 15% for greater than 4 clients, and 20% for 10+ clients.
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ExtremeGrandpa
Admin


Posts : 26
Join date : 2010-06-01
Age : 47
Location : Goldsboro, NC

PostSubject: Re: How to write off your Folding rig in the U.S.   Tue Jun 08, 2010 6:19 am

This is excellent info Jake.

I will be creating a section just for this kind of info, so it doesnt get lost.

EG
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benlake



Posts : 5
Join date : 2010-06-06
Location : Up front where the driver sits

PostSubject: Re: How to write off your Folding rig in the U.S.   Tue Jun 08, 2010 12:24 pm

That sounds like a good plan however i can imagine it is only applicable in the states and not over here in the uk

Any thoughts?
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mrinfinit3



Posts : 13
Join date : 2010-06-07
Age : 35
Location : Southern California-USA

PostSubject: Re: How to write off your Folding rig in the U.S.   Wed Jun 09, 2010 5:36 am

benlake wrote:
That sounds like a good plan however i can imagine it is only applicable in the states and not over here in the uk

Any thoughts?

I you could toss us over a pdf file of your tax laws...I can have it looked over for ya Smile.

I'm sure there has to be a deduction clause for charity donations... at least for physical items.
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benlake



Posts : 5
Join date : 2010-06-06
Location : Up front where the driver sits

PostSubject: Re: How to write off your Folding rig in the U.S.   Wed Jun 09, 2010 11:46 am

Mrinfinit3 Much appreciated for the offer of help.

I have just looked through the most confusing website in the world.
The uk laws are more buisness based and have no relevance as such to individuals unless you are a registered charity.

But then in the long run i switch the computer on when i get in from work and it stays on till i go to bed.
So writing it off would not be worthwhile. We are on a plan called economy 7 so from when i get home we have slighty cheaper electric than in the day.
Wouldnt want to leave it on all day due to temperature issues. But in the night its cooler so they are about 10c cooler. i will game on my laptop for a bit. lol!

Have set the PS3 running also now did some research on the folding at home website.
Have set it to 142900 so thats cool too.
EG is right the newer PS3 models are not as effective and consume about 115watts while folding.
I have the original pal one and it is according to the folding at home website it runs slower than a GPU but faster than a PC cpu so its middle of the road. And can work on more complex tasks. and my model consumes about 200w while folding and thats what the equivalent of 3 lights on so no biggie either and sony have designed it with this in mind so it can run all day quite happy.
So thats that i only bought it to play gran turismo and it aint been used since so its better to do that surely.... cheers
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