Ask me you accounting, finance, tax orĀ general business questions and get my two cents worth!
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What's Your QuestionAsk me you accounting, finance, tax orĀ general business questions and get my two cents worth! 5 comments to What’s Your Question? |
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Hi there! Love all the information. I have a question about tax & timing- I started a business earlier in the year, and have obviously incurred expenses, but I’ve yet to make a profit. Do I still file taxes each quarter? And, if so, can you still write off deductions when you don’t have profit to balance it? (Such as computer equipment, travel expenses, home office space, etc.) Thanks for you help!:)
Welcome Heather, income taxes are filed on an annual basis. Some small business owners may be required to file quarterly estimates, but you have to make a profit for that to be necessary. As for writing off deductions without profits, the answer is… it depends! Generally, legitimate expenses of your business are reported on Schedule C and from there will reduce your other income on your Form 1040. Sweet! Well, it would be sweeter still if you were actually making money and therefore had to pay a little tax, but that will come! I hope I was a help.
Hi,
A very well done job you make here. I love the spirit of sharing knowledge. I am submitting you an email. We may be able to make a nice colloboration somewhere and sometime in the near future.
Ciao,
Hi Tyler,
I think I’m missing something. Usually when I am interested in a blog, they have a place to put my email and i get sent the newest post. Do you have this on your site? As interested as i am in your blog, i will not read it with out this because i will forget about your site. I’d love to spend more time on your site.
Thanks,
Dianne,
You asked, I deliver. I never really used the email method of keeping track of posts for the blogs I like (I’ve subscribed via RSS) so I didn’t think about this. I just added an email subscription service using Feedburner so please sign up and let me know how it works for you.
Tyler