that you wouldnt recieve the following year
2007-08-27 10:36:31 · 4 answers · asked by onetwistedbutterfly 1 in Business & Finance ➔ Taxes ➔ United States
None.
2007-08-27 10:42:31 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
Again, I would recommend a tax pro for you.
Out of the first 5 years in business at least 3 of those must show a profit....if you don't it may be considered a hobby and you would only be able to deduct up to your gain.
good luck
2007-08-27 17:54:03 · answer #2 · answered by Wood Smoke ~ Free2Bme! 6 · 0⤊ 0⤋
In California, Corporations in their first year do not have to pay the $800 minimum Franchise Tax required in subsequent years. They pay only 1.5%(S-Corp) or 8.93% (C-Corps) of the taxable profit in year 1.
Federal treatment does not vary based on the age of a business.
2007-08-31 01:56:40 · answer #3 · answered by Hank Roitman, EA 4 · 0⤊ 0⤋
None that you wouldn't receive in the 2nd and following years.
2007-08-27 17:49:04 · answer #4 · answered by Wayne Z 7 · 0⤊ 0⤋