Could I do this?

Question

Basically I created a webcomic (http://theresetbutton.comicgenesis.com) And I'm curious as to whether I could write off any of the supplies I buy to creat the comic as business expenses. I don't profit from it, but I plan to eventually. Could I do that?

Answer 1

I used to sell Stampin' Up, rubber stamps and paper and scrapbooking supplies. My friend who is a tax preparer told me that I can't have business deductions unless I actually make a profit.

Answer 2

Yes, but you write the supplies off of the income from the business. So if there's no income/profit, there's nothing to write the supplies OFF of.