United States

How does depreciation work for business?

For example, say a business bought an asset that cost $100,000 and it has an economic life of 10 years, does that mean the business gets to write off $10,000 a year for 10 years in taxes, or am I understanding it wrong? Is there a limit to how much a business can write off in depreciation? Thanks

By: BigE

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Marketing Strategies

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Filed under United States by admin on Nov 19th, 2010. #

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

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?

By: thebuffettour

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Coupon Binder

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Filed under United States by admin on Nov 15th, 2010. #

Ending a home based business – what are the tax implications?

I’ve been writing off my home based business for the last few years. If I stop using that portion of my home solely for my business, how do I indicate that on my taxes?

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Filed under United States by admin on Sep 9th, 2010. #

Type of business that does not need to collect Texas state sales tax?

Looking to develop a new business that does not require collecting Texas sales tax on products or services. Are there such business out there?

By: bobinn

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Marketing Strategies

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Filed under United States by admin on Sep 6th, 2010. #

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

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?

By: sullivan_vl

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Marketing Strategy

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Filed under United States by admin on Sep 1st, 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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Business Marketing

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Filed under United States by admin on Jul 23rd, 2010. #

Transitioned business from proprietorship to LLC – How to file taxes?

I transitioned my business mid 2007 to an LLC. Should I file taxes as two separate businesses? The first to include income and expenses as the sole proprietorship and the second to include income and expenses after becoming an LLC.

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Filed under United States by admin on Jul 21st, 2010. #

Can you have a business license and still receive unemployment assistance?

Right now I’m receiving unemployment benefits but I’m looking to start a business next month. Can I have a business licenses even though I’m not planning to do business for the next 3 – 6 months. Would that affect my unemployment?

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Filed under United States by admin on Jul 18th, 2010. #

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. #

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