Home based business with Adult Only Emphasis?
I have heard and now am researching for an Adult Only Emphasis based home business. What are my options?
If I have a small home-based business and I have not filed any taxes in 3 years, what are the penalties?
Let’s say that I’ve calculated most of the 2003 year and have concluded that I didn’t owe any taxes for 2003 and 2004 but instead am due a refund.
I’m working to get a good accountant but find that most don’t know about tax shelters, estates, or any of the small business (home based) irs laws.
Please, this is serious. Don’t respond if you don’t have a quality answer for me.
You will not be assessed any interest or penalties for filing late since you are due a refund, and you will not be paid any interest on the refund either.
As to tax shelters, most have to be registered with the IRS. Estates and trusts are a unique animal and are usually only in demand from high income individuals. I find it hard to believe that a CPA would not understand the home-based business rules since that type of enterprise has been popular for many years. You didn’t state what part of the country you are in, and many states (and counties) have funky rules regarding these businesses. You should contact the home office of the company you represent to request referrals of accountants in your area. Good luck
What would drive you to start a home-based business and why?
There are so many people in the U.S. losing their jobs and although entrepreneurship is not for everyone; what would drive you to start your own small business? Home-based or otherwise?
Several things compelled me to start my home-based business
1. Ability to work from home
2. Low start up costs and low overhead
3. Freedom to set my own hours
4. My income is not limited by a wage or salary scale
5..No worry about being fired or laid off
6. Income Tax advantages
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?
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.
You don’t show on your tax that you ended the business, but keep track of the depreciation allowed or allowable while you were claiming the home office deduction – you’ll need that number when you sell the house.
Home-based Business. What if I have next to nothing coming in for how much I am deducting in taxes?
I am looking into setting up a home based Business as a part time thing. I have a day job and I would like to do this music endeavor on the side. I want this to be legitimate but I know I will be making very little money and writing off a lot in tax deductions. Does anyone have experience in with this type of scenario? Is there a reasonable expectation that IRS has around how much revenue needs to come in for how much you are writing off? I don’t want the Business to appear fraudulent although I have more to gain from a tax deduction basis.
The rule is that a business should make a profit in three of any five years. That is not closely followed! When the IRS does look at a business that has lost money for some time they are looking at the efforts being made to conduct the business in a manner that would produce a profit. Empirically they are less concerned about such a part time business when the individual is making a substantial taxable income and this “side” business is not used solely to cover that income.
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