For a sole propritor small retail service business - The first year in business resulted in a substantial loss compared to income. Which is normal as there were a lot of one-time costs and you can take 179 deductions on furniture and equipment purchased. Can that loss be carried over to the next year?
2007-03-25 18:21:54 · 2 answers · asked by Gatsby216 7 in Business & Finance ➔ Small Business
Furnature, office equipment, major improvements, computers, even software have to be depreciated over a number of years, usually 5.
2007-03-25 18:28:54 · answer #1 · answered by jimmyjohn 4 · 0⤊ 0⤋
dear,
i understand your feeling.first year is demanding.but i dont agree with you that you loss something because it is first year.my advice is you must have a great knowledge of your business and workable marketing strategic.meet the people needs and improve your service to the customer.as for carrying forward your expences ,if you are not making profit,you have to carry forward all your expenditure.the most important thing is to devote you time on how to make profit.if you need finance sign up here:http://www.incentaclick.com/nclick.php?id=6002&cid=2969
2007-03-26 03:04:58 · answer #2 · answered by Joshua O 1 · 0⤊ 0⤋