The Motley Fool Discussion Boards
Retirement Discussions / FIRE Wannabees
|Subject: Re: I am such a Wannabee!||Date: 2/27/2004 11:02 AM|
|Author: SeattlePioneer||Number: 2025 of 5084|
<<No, that is not what I said. Someone posted that they wanted to make extra money. I told them what we did and suggested that she might consider Ebay as a way to make money. At that point, SP decided that it was his business what was going on with my f-ing tax returns. I did not suggest that she put money into inventory as a way to avoid taxes. Part of the reason I am able to do that is because it is also part of business start-up expences, along with a couple dozen other ways. Now, I flat out refuse to send SP my tax returns for the year, no matter All-Knowing he may think he is, and I am truly sorry that I even bothered to try to help someone else.
Ahhh. I hate to have to tell you this, but you don't get to deduct business start up expenses as a business expense right away either. The IRS requires that thery be deducted over a period of several years, although I don't remember how many offhand.
And if it's inventory, you can't charge them off as a business expense until they are sold in any case. Inventory isn't considered an expense of starting up a business by the IRS.
There are a variety of important skills you need to learn if you start a business, and an understanding of the tax implications is something most small business owners find necessary and valuable.
If you don't want to have such things pointed out to you, don't post on forums like this. If you do, you take the risk that you will have strangers point things out to you that you don't want to hear.
|Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|