How to set up a business » Business Taxes

I’ve been filing a business write-off on my personal taxes. How do I close out the business on my tax return?

Thu, 24 Sep 2009 15:08:21 +0000

sullivan_vl asked:

I am a writer who has filed business write-offs on my personal tax return for 5 years as per the law. I have not made profits in those years. I have been advised by my accountant that tax regulations do not favor my continuing to file business write-off because I have not made a profit so should close out the writing business. How do I go about filing my taxes now? Do I just ignore the past years write offs as thought they were never deductions?

Madeline

Are there tax benefits if I get a business lisense for selling things on online auctions?

Sat, 17 Jan 2009 01:06:49 +0000

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

Can I start a home based business, not get a business license and not pay taxes?

Mon, 08 Dec 2008 03:11:29 +0000

visions asked:

I read that if you dont get a business license and you run an at home based business and your neighbors dont complain about your work, its unlikey the IRS will find out and make you pay a fee as well as put your business on hold until its done. Now, in the state of FL, if I chose to not get a license because the type of business (event planning) did not require one, would I still have to pay taxes?

Irwin

If you invest money into your business and the business loses money, how do the taxes work?

Tue, 02 Dec 2008 18:33:54 +0000

thebuffettour asked:

I want to start a business and I know most lose money in the beginning so I was wondering how the taxes work between filing business tax returns and personal tax returns. I wasn’t planning on doing a DBA so there would be two returns but do I claim business loss of revenue AND personal loss of investment?

Joaquin