2007-05-25 05:10:03 · 4 answers · asked by Andrew L 2 in Business & Finance ➔ Taxes ➔ United States
personal income tax return? Business income tax return? Construction business? Need more detailed info to give you an answer.
PS, LL is incorrect. Not every expense related to the business would be deductible. Any penalties that the business pays are not deductible, also meals and entertainment expenses are only 50% deductible. Federal income tax paid is not deductible. Those are just some examples.
2007-05-25 05:44:35 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Start by reading IRS PUBLICATION 17. It should answer any questions you might have. Would also suggest that you talk to somebody involved in construction trade for a hands on demonstration of "how to".
2007-05-25 15:02:44 · answer #2 · answered by acmeraven 7 · 0⤊ 0⤋
I would go to the irs.gov website and research this question there. Then contact your CPA, EA or Accountant.
You should not be taking recommendations (other than the above) from anyone other than an expert in Tax law.
Maria Marsala
http://www.ElevatingYourBusiness.com
2007-05-25 12:22:15 · answer #3 · answered by Anonymous · 1⤊ 0⤋
If this is your construction business, then every expense that has to do with your business is tax deductible.
2007-05-25 16:00:30 · answer #4 · answered by Anonymous · 0⤊ 2⤋