my friends and i will be incorporating later this year. can i start saving receipts of business lunches, laptop purchases, stationary etc. and then add them to my deductions next year, even i havenet incorporated yet?
2007-04-03 11:08:12 · 3 answers · asked by lionfireinc 2 in Business & Finance ➔ Taxes ➔ United States
Even if you can't deduct them on the corporate return, you should save the receipts. They would effect your investment in the corporation. I assume you will have an attorney AND a CPA involved in the actual process of incorporating. They should be able to tell you what can and can't be claimed.
2007-04-03 13:00:07 · answer #1 · answered by STEVEN F 7 · 0⤊ 0⤋
WHAT?? WHAT?? WHAT??
to be as honest as I can with you,, if you have to ask that question,, you have no business incorporating a business.
you can use your expenses as deductions for your business on schedule C or CEZ until you incorporate.
2007-04-03 18:13:10 · answer #2 · answered by Jo Blo 6 · 1⤊ 2⤋
Absolutely, yes!
2007-04-03 18:16:36 · answer #3 · answered by Anonymous · 0⤊ 2⤋