NWR: Anyone have their own business?
DH and I were thinking of starting somewhat of a side business and wanted to know the tax implications.
My tax guy is good but I have a feeling he might want to charge for giving me advice. I'd like to hear from those who know.
Any information would be helpful but I'm specifically worried about taking tax deductions for business related expenses versus what profit you earn.
I had heard that you need to make a profit (over and above any deductions you take) within the first three years of business or you get penalized by the IRS in some way.
Also, if it's not a store front, do we need register a company name or something?
Our 'business' will have to do with selling photography.
My tax guy is good but I have a feeling he might want to charge for giving me advice. I'd like to hear from those who know.
Any information would be helpful but I'm specifically worried about taking tax deductions for business related expenses versus what profit you earn.
I had heard that you need to make a profit (over and above any deductions you take) within the first three years of business or you get penalized by the IRS in some way.
Also, if it's not a store front, do we need register a company name or something?
Our 'business' will have to do with selling photography.
