Personal Development for Smart People Forums - View Single Post - When is a good time to do the tax side of business?

Lucas · 01-27-2007, 01:36 AM

This March is when I expect my buisness (my band) to start earning positive income (big positive income), and I wonder when a good time is to incorporate or file other buisness related forms so that I can write expenses off on taxes and such. I really don't know much about taxes in this sense, since I have always been able to do a 1040EZ. The reason I ask is because I spent some of my personal cash for it, like printing records and webhosting, and I wonder will that be able to be deducted since right now its still a personal endeavor.

Any advice in this sense is good.

01-27-2007, 01:36 AM	#1 (permalink)
Lucas Senior Member Join Date: Nov 2006 Posts: 521	When is a good time to do the tax side of business? This March is when I expect my buisness (my band) to start earning positive income (big positive income), and I wonder when a good time is to incorporate or file other buisness related forms so that I can write expenses off on taxes and such. I really don't know much about taxes in this sense, since I have always been able to do a 1040EZ. The reason I ask is because I spent some of my personal cash for it, like printing records and webhosting, and I wonder will that be able to be deducted since right now its still a personal endeavor. Any advice in this sense is good.