ALso can you claim a 179 deduction on a tractor for use in this business. Do you have to have a business liscence or occupational liscence.
2006-12-18 09:36:01 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
You can claim a loss for 2006 to the extent that you truely started the business. Unfortunately you can only take 179 to the extent of income. You can't create a loss with the 179 deduction. You may be better off placing the truck is service in 2007 and taking the 179 deduction next year.
2006-12-18 10:39:10 · answer #1 · answered by waggy_33 6 · 0⤊ 0⤋
For the most part your 179 deductions will only be good for December 2006 for your annual deductions of 2006 and NOT January 2007. There may be some exceptions, but I can't think of any. The good news is you can deduct upto $100,000 that way and YES you can do it for all purchased made in December of the deduction year (in this case 2006).
2006-12-18 17:46:51 · answer #2 · answered by Anonymous · 0⤊ 1⤋
If you start in 2007, no no no. and why would you think you could.
Your loss? Start up expenditures will be amortized over 5 years.
How would you have a loss the first month in business other
than regular operating cost with no cashflow income.
2006-12-18 18:40:49 · answer #3 · answered by gofer 2 · 1⤊ 0⤋