Nows the time to Start a Home based Business

Thinking of starting your own home based business the get helpful tips from those who are also thinking about it or who have taken the plunge already.

Can I claim tax deductions even if my home-based business didn’t make a penny?

moneyreligion asked:

Does a business, home-based or not, need to have any sort of income to get the tax deduction advantages?

Help me be less accounting challenged.

Arcade Platform

Tags: , ,

Posted in Other - Taxes 15 years, 5 months ago at 11:36 am.


2 Replies

  1. I was always under the impression that the less a business made the more you can claim at tax time. My friend is an accountant and she always tells me to hide a bit for this reason.

  2. If you truly had a business and ran it in a business-like manner, then you do the schedule C and claim the deductions.

    Keep in mind, you had to actually be open for business, not just getting set up. Zero income is not a good sign.

    If you are starting the business, you had better have the expectation of making a profit within 3 years–the IRS expects you to and you can be audited and deemed a hobby (disallowing the losses).

Leave a Reply

Free Web Hosting