United States

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

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?

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Filed under United States by admin on Jul 7th, 2010. #

I work for a 501C business,which is closing and liquidating. Can I start my own separate taxable business?

I have worked for the 501C business for 10 yrs total, 3 in this specific business area. They no longer wish to carry this branch of their association. When they close, I will be fired. Can I start up my own for profit business, with the same business description?

By: izzy

About the Author:

business marketing strategy

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Filed under United States by admin on Jun 30th, 2010. #

Does my small business need to file a tax return?

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?

By: greg b

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Marketing Strategy

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Filed under United States by admin on Jun 16th, 2010. #

Can I deduct a business mortage payment or only the interest and why?

1
I need to know if I can deduct the mortage payment on a business. Our business mortage is a commercial loan and only the business is on it. Or, is only the interest on the business deductable. If so, would it be in our best interest for the business to rent from us this year?

By: tru_belle

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Marketing Strategies

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Filed under United States by admin on Jan 18th, 2010. 1 Comment. #

Opening a business and wondering what types of expenses I can write off?

3
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.

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Filed under United States by admin on Jan 16th, 2010. 3 Comments. #

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