Standard stuff: http://www.irs.gov/publications/pM 535/ch08.html#d0e5315
This was very handy in my previous startup as we were able to break even claiming $5k in startup, thus no income tax. The take-home on this is that if you (anyone reading this) hanker to start a business, a very good first task is to get your accounting in order and run your "business" as a business before you hang out your shingle. On Wed, Apr 2, 2008 at 8:05 PM, Julie Gomoll <[EMAIL PROTECTED]> wrote: > What's your source on this? Never heard of any such thing. > > > On Wed, Apr 2, 2008 at 6:22 PM, Lisa Thompson <[EMAIL PROTECTED]> > wrote: > > > Ok, its not depreciating. I looked up my source. I do apologize for not > being clear earlier or looking up my source before posting. > > > > "If you start a business, you may deduct up to $5000 of startup costs in > the year that you launch it. That $5000 is reduced by anything over > $50,000. Whatever isn't deductible in that year can be amortized over 15 > years beginning the month you launched your business." > > Startup costs can include advertising costs, training wages and consultant > fees." > > > > Sorry guys. > > > > > > > > > > > > > > On Wed, Apr 2, 2008 at 6:34 PM, Julie Gomoll <[EMAIL PROTECTED]> > wrote: > > > > > Also, re: depreciating 5K of startup expenses... I know of no such > limit. Depreciation applies to certain physical assets, and the schedule > varies depending on the asset. > > > > > > By all means find a CPA to discuss the issues specific to your state. > > > > > > Julie > > > > > > > > > > > > > > > > > > > > > > > > > > -- > > > > Lisa Thompson > > > > Media PA CoWorking Meetup > > http://socialnetwork.meetup.com/964/ > > Blog: http://theoffice.tumblr.com > > Tweeter: @lithompson friendfeed: http://friendfeed.com/theoffice > > > > > > > > > > > > > > > > > -- http://tinobox.org/wordpress/ linkedin, facebook, twitter, etc. --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "Coworking" group. To post to this group, send email to coworking@googlegroups.com To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/coworking?hl=en -~----------~----~----~----~------~----~------~--~---
