Business & Marketing Strategy

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?

Ana

Eric M asked:


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?

Additionally, does anyone know of any resources that indicate what the implications are of stopping a home based business write-off?

I see lots of information on how/what to write-off for a home based business, but can’t seem to find anything on what to do when that ends.

Kamari

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?

Lee