I am not wanting to make a living. I just want some extra money and more or less a hobby. I was wondering if anyone had any business tips. Also, what percentage of utilities are tax deductible? What other tax deductions are there. What if my deductions are more than earnings? I’m thinking of doing cakes for showers and parties. Any bakery tips would be appreciated as well. Thanks in advance!

Hello -

I started an internet venture this year and have currently earned 0 on the business. I’m expecting to start earning revenues near the end of this year. My questions are as follows:

1. I am actively engaging clients and meet with potential customers on a regular basis; if I am to buy a SUV for my business, can I write this off under section 179 (please keep in mind that my business hasn’t earned any income yet, and may not until 2010)? If so, how much can I write off?

2. If my business hasn’t earned any income yet, but I purchase the SUV for business use only (I have another vehicle that I use as my daily driver/for non-client facing meetings). How do I apply Section 179 to my taxes?

3. On my other job, I earn about 75k per year. Since I have a sole proprietorship, can I apply the section 179 deduction towards this income that I earned – even though it came from a different source? (e.g. would I be able to take the ,000 deduction from the section 179 for a vehicle and then apply it to my 75k, thus bringing my taxable income down to 50k?)

Thanks in advance.

My father and I have started our own small business. Its home based and we are serious. Should I start my own corporation? If I am not mistaken, there are five different business structures;
Corporation
Incorporation
L.L.C
S-Corp
Sole Proprietary
Which business structure would be the best for my business? I would like to start a corporation for tax deductions. Please list as many advantages and disadvantages. It would be a great help if you could list your source for me to visit and do a little investigation for myself. Serious answers only please and many thanks in advance to all whom answer.

CASUALTY LOSS (BUSINESS OR PERSONAL?) tax deductibility question

Assume an individual has a boat where he entertains clients.
(1) If the boat sinks and he qualifies for a Casualty Loss deduction under Sect 165, where is the authoritative literature that guides whether it is a business casualty loss or a personal casualty loss?
I have been searching the Code, common law, and publications.
The only thing I have found is under Publication 463, entertainment expenses that are subject to the 50% deduction.
(2)If the boat that the individual used to entertain clients was subject to the 50% limitation, would it also qualify the loss to be a business casualty loss?

(3) The boat sinks due to an "other casualty" and he is alone on the boat

Can anyone provide for me primary sources on how to view whether the boat can be a personal or business casualty loss? And if he obviously used the boat at times for personal and sometimes for business, where is the authoritative literature on this?

Thanks in advance!

I do private consulting (freelance) for a local non-profit as well as some various other businesses and was wondering if it’s best to continue collecting money personally or setup a company to do this business through. I was thinking about setting up an L.L.C (South Carolina). Also, would I be able to write anything off on my taxes by offering "discounts" or the like to non-profits?
Thanks in advance.

I do research for, and give presentations in, the public and private sector, and have created a consulting firm (LLC) through which to run expenses and to have a business "front" to what I do. I have looked at the IRS Schedule A Itemized Deductions documents, and the Jackson-Hewitt deductions pages online. I have also searched through Yahoo Answers. I’m curious if anyone has created an Excel spreadsheet or if there is another web resource out there that itemizes the tax deductions I would typically be able to make each year. Of course, flights, hotels, gas involved in travel related to the consulting would be deducted, as would computer software and hardware that is needed for the business. It would be fantastic if there was some kind of list out there for consultants who do this type of thing. Thanks in advance for your advice and help.

I just graduated college and I’m looking into establishing a freelance graphic design business on the side (weekends) of my career position. What am I able to deduct on taxes? (Computer hardware, software, portion of the rent, internet expenses, etc.) I’m mostly curious about deducting a portion of my rent, so it would be helpful to know if that’s possible. Thanks in advance!

I have a huge tv, want to donate it to get some tax deductions of my yearly tax paperworks. Where can I donate it for charitable causes? I live at NY, queens. I cant really move it, its bulky and huge. And, I can’t sell it, cuz everyone wants flat screen HD/BLU ray TVS now. Thanks in advance for all the answers.

I’m not having too much luck researching on the internet what tax deductions are used by makeup artists. Any tips or idea where I can find this information other than the obvious (tax preparer)? Thanks in advance
I am 1099. I am just interested in knowing the categories that are legit and available for deductions. Thanks!