How to set up a business » Business Expenses http://forex--course.com for busness people Thu, 09 Sep 2010 02:38:25 +0000 http://wordpress.org/?v=2.9.2 en hourly 1 Does my small business need to file a tax return? http://forex--course.com/does-my-small-business-need-to-file-a-tax-return/28/ http://forex--course.com/does-my-small-business-need-to-file-a-tax-return/28/#comments Thu, 04 Jun 2009 15:26:35 +0000 http://forex--course.com/does-my-small-business-need-to-file-a-tax-return/28/ business
greg b asked:


I am a small business owner and have been developing my company for the past year. Because I left my previous job to start this business I do not have a current income and because my company only recently officially “opened for business” we do not have a profit line. Do I need to file? What about the business expenses that I incur?

Celia
]]> http://forex--course.com/does-my-small-business-need-to-file-a-tax-return/28/feed/ 4 Are there tax benefits if I get a business lisense for selling things on online auctions? http://forex--course.com/are-there-tax-benefits-if-i-get-a-business-lisense-for-selling-things-on-online-auctions/90/ http://forex--course.com/are-there-tax-benefits-if-i-get-a-business-lisense-for-selling-things-on-online-auctions/90/#comments Sat, 17 Jan 2009 01:06:49 +0000 http://forex--course.com/are-there-tax-benefits-if-i-get-a-business-lisense-for-selling-things-on-online-auctions/90/ business
Jack asked:


I’m thinking about turning my online selling into a business, and I’m trying to get a feel for the tax-related pros and cons of making it official.

Here are 2 questions:
(1) I understand that I can write off business expenses on my tax returns. That includes computer equipment, trips overseas to purchase merchandise, etc. But I’ve never itemized my tax return before. Would I get more money back if I start a business, and then itemize my deductions rather than just taking the default deduction like I always do?

(2) If I make my online selling into an official business, will I have to pay extra business-related taxes?

Madeline

]]> http://forex--course.com/are-there-tax-benefits-if-i-get-a-business-lisense-for-selling-things-on-online-auctions/90/feed/ 2 Opening a business and wondering what types of expenses I can write off? http://forex--course.com/opening-a-business-and-wondering-what-types-of-expenses-i-can-write-off/8/ http://forex--course.com/opening-a-business-and-wondering-what-types-of-expenses-i-can-write-off/8/#comments Sun, 21 Sep 2008 20:06:25 +0000 http://forex--course.com/opening-a-business-and-wondering-what-types-of-expenses-i-can-write-off/8/ business
Ken asked:


I am opening an online business for website design. (set up as a LLC, I’m the sole owner) Should I start keeping receipts of all business related expenses? Or would my business qualify as a hobby if I don’t make a certain amount of money in the year that I’m filing.

What types of things can I write off onto my business? (dinners, gasoline, etc.) Do I need a seperate business credit card/bank account for the expenses?

Do I have to accept payments towards the business’s services through a corporate account, or can they make the check/payment directly to me?

Trami

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