15
votes
1answer
2k views

Will I owe any taxes if I can write off every cent?

Does anyone know if I will owe any taxes for my small business if I can write off every cent? My business is based in the United States. I started a small web design business this year and anticipate ...
-3
votes
2answers
179 views

Does it make sense to incur a business expense just because it can be deducted?

I am trying to prove to myself that incurring expenses just for the purpose of writing them off never saves money. It is always better to not incur the expense at all if you can avoid it. This is my ...
3
votes
2answers
371 views

Can I write off time I spent working on my business?

So, I'm a freelance web programmer by trade, which means that my time really is money. I, occasionally, work on side projects of my own and forgo the possibility of earning direct income for that ...
6
votes
3answers
446 views

What are the ins/outs of writing equipment purchases off as business expenses in a home based business?

I'm currently self-employed doing computer programming work. As part of self-employment I'm learning about filing taxes quarterly (not fun) and also writing things off as business expenses ...
4
votes
4answers
4k views

Deductible expenses paid with credit card: In which tax year would they fall?

If I paid my business expenses with a credit card during the month of December, which year can I deduct them from my taxes? 2011 (when the purchase was made) or 2012 (when I paid off the credit card)? ...
3
votes
2answers
258 views

Is there a tax deduction for a loss due to theft of inventory in a start-up business?

I acquired an inventory for a business start-up. The owner of the building died. An executor wrongly sold off the inventory and did not turn over the funds. The reasoning, if the person would ...
3
votes
1answer
642 views

In Canada, can I deduct my mortgage if running a business from my home?

If I run a home business and a portion of the home is used as an office for the business can I deduct a percentage of the mortgage?