Comments for business-on.info

Comment on Started business in 08. IRS disallowed all itemized deductions for start up and first year. ($17,000 )? by wg0z

wg0z — Sat, 13 Mar 2010 17:51:00 +0000

get a lawyer or pay the 4100, either in full or IAW a payment plan (send in form 9465 with as much as you can afford)

Comment on Started business in 08. IRS disallowed all itemized deductions for start up and first year. ($17,000 )? by tro

tro — Sat, 13 Mar 2010 16:54:45 +0000

disallowed itemized deductions? I am not sure I understand this
if you started a business in 08 and had expenses, these would have been reported on a Sch C
all start up expenses(prior to your actually opening the business) would be amortized over a 5 yr period, except there was a provision(not sure it is still effective) that the first $5000 could be written off at one time
your business expenses are not ‘itemized’ on a Sch A, except as form 2106 would apply
http://www.irs.gov and request publication 34 to help you know what you can an can not deduct

Comment on Started business in 08. IRS disallowed all itemized deductions for start up and first year. ($17,000 )? by Chuckie O

Chuckie O — Sat, 13 Mar 2010 16:32:19 +0000

Start-up costs must be amortized, not deducted in the first year. The IRS is correct in that.

You might visit a CPA or EA to see if the first-year actual business deductions would be deductible or not, whether a protest would be worth it. You would probably need the advice of an accountant, anyway. You need to build the case that your business is really a business, and not some way to deduct expenses against your other income. If the expenses are deducible in the first place.

Comment on Started business in 08. IRS disallowed all itemized deductions for start up and first year. ($17,000 )? by StephenWeinstein

StephenWeinstein — Sat, 13 Mar 2010 15:38:29 +0000

The expenses of starting your own business are never allowed as an itemized deduction (Schedule A deduction). “Itemized” deductions (Schedule A deductions) for business expenses are limited to the expenses that employees incur as part of their employment.

Business expenses for your own business can be deducted only on Schedule C or Schedule C-EZ.

If you attempted to deduct the expenses on Schedule A, then file a Form 1040 and attach a Schedule C, claiming the expenses on the Schedule C.

If you attempted to deduct the expenses on Schedule C and the IRS disallowed the Schedule C deduction, then you can appeal to tax court.

Comment on Started business in 08. IRS disallowed all itemized deductions for start up and first year. ($17,000 )? by SmartA$$

SmartA$$ — Sat, 13 Mar 2010 15:03:35 +0000

Search your local listings for a qualified EA (Enrolled Agent). They are licensed to assist you with these kinds of situations. They can help you understand why the IRS is rejecting your claims, and help you determine what you can do to have the claims accepted (or why your claims are invalid).

Its much cheaper than hiring an attorney and EA’s actually get better results because they specialize in federal income taxes.

Comment on Started business in 08. IRS disallowed all itemized deductions for start up and first year. ($17,000 )? by Doctor Deth

Doctor Deth — Sat, 13 Mar 2010 14:14:16 +0000

what was the $17,000 spent on? maybe it was stuff that should have been capitalized and depreciated or amortized over a number of years. impossible to help you without more details.

you shouldn’t go guessing on those kinds of things if you are not an accountant – you should have talked to an accountant first or had someone prepare your tax return for you

Comment on How can I get a business start up loan on bad credit? by Sandy J

Sandy J — Sat, 13 Mar 2010 14:04:41 +0000

May be this site can help you
http://www.thetechnology.net

Comment on Started business in 08. IRS disallowed all itemized deductions for start up and first year. ($17,000 )? by sassy25

sassy25 — Sat, 13 Mar 2010 13:57:13 +0000

Sorry but if you do not make a profit it is called a hobby and not a business. You are not going to win

Comment on How can I get a business start up loan on bad credit? by Mac

Mac — Sat, 13 Mar 2010 13:14:27 +0000

Dear Friend,

You have bad credit, so it is very difficult to take a loan may be other bank can help you. In this situation you friends or family members can also help you.

You can do one more thing to start your independent business. Just make contact with small business people like school administrator, collage administrators, coaching centers, computer hardware shops, computer software shops and small companies who use computers in their work and offer them your services in competitive price. work for them as a contract basis not time basis. Give them your contact number when they need you they can call you. In this way you start your business and grow you clientele without any investment.

Comment on What is the best paper for business cards? by DogLover

DogLover — Sat, 13 Mar 2010 12:43:15 +0000

I had business cards printed at ReducedPrinting.com for free. They used a high gloss 12pt paper (I think that might be equivalent to 120# weight). They came out really thick and the quality was beautiful