Business income and expense is pretty straight forward. Your small business is exactly that and the accounting for and tax filings associated are required. Your tax expert should be handle all this easily. If you are YOUR OWN tax expert. SImply educate your self on small business accounting and taxes. Taxes are pretty straight forward given the due diligence. Each and every deduction has specific items and issues associated with it. Home office expense as well. The way it sounds, you will probably increase your refund or reduce your liability upon filing. I am an accountant by trade. I am not a tax expert. (I file my own small business taxes, and you are entitled to these deductions) If you are your own tax expert, Turbo tax or comparible tax software will walk you through. A CPA can and will do it for you.
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Submitted 380 days ago...
I am a new small home business owner recieving SSI perm. disabled.
I started an independent home base business for www.Xango.com on 9-04-07. I have invested about 3000.00 so far and have only recieved about 700.00 in commission and sales bonuses. I have kept maticlous records and want to know my options for claiming deductions for the loss as a business loss. Some people say I can deduct it all and some say I can't deduct anything. What are my options for items such as business cards, an all in one printer fax copy scanner, product for samples, advertising, and milage to and from business meetings. I was also told about a deduction that allows you to deduct all your past present and future expected investment or loss in the first year of operation. I am confused and if I have to report it to SSI.
Thank you so much and God bless you all.
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Submitted 288 days ago...
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Submitted 287 days ago...
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Submitted 272 days ago...
Any income has to be reported , they have people watching for just this thing, yes they will take you off ssi in a second, so please be careful , this happens all the time , and they put some people in jail over this , a former friend got him self in trouble like this , and he paid big, and yes you can deduct you r printer and such , but dont do it , and get out of this now , or do it under the wood , and watch your friends they will tell , then you have to go thur this again to get ssi ,
Answer 4 / 4
Submitted 227 days ago...
You can list the amount of space and utilities that your business used. Example, You would deduct 1/5 of your home only if you used 1/5 of your home and utilities. You stand a greater chance of being audited by the irs show a loss for more than 3 years and using more than 1/5 of your house. Get an accountant, please.
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