I'm looking for a website that will explain all the Tax Deductions for my home furniture bussiness.
2007-11-22 03:32:00 · 5 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Read IRS Publication 334 for small business.
2007-11-22 05:32:22 · answer #1 · answered by Steve 6 · 2⤊ 0⤋
1. Your parents get a standard deduction of $10,700. They are allowed to itemize if they spent more than that on mortgage interest, property taxes, charity, etc. 2. Get a copy of publication 501 and do the support test worksheet for you and again for your brother. Either you supported yourselves or you didn't. If you are 23 and younger, a full time student (5 months out of the year, including High School) and did not support yourself, you are a dependent on your parent's tax return. (You cannot claim yourself if they can claim you.) Your tuition is considered an expenses for the tax return where your exemption is claimed. There are 3 possiblities--tuition deduction, hope credit and lifetime credit. By student, these are mutually exclusive (see publication 970).
2016-05-25 00:37:21 · answer #2 · answered by ? 3 · 0⤊ 0⤋
Elaborating on the previous post: You may know your product but it sounds like you don't have a handle on the office part of the business. If the website you are looking for exists it would probably still be Greek to you. A lot of small business owners are good technicians but lousy businessmen. If that is you, the cost of professional help in setting up the books and managing them properly will be money well spent. The bankruptcy your avoid may be your own.
2007-11-22 04:31:56 · answer #3 · answered by Anonymous · 2⤊ 0⤋
Talk to a CPA.
2007-11-22 03:55:43 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
www.irs.gov.
2007-11-22 04:42:39 · answer #5 · answered by Anonymous · 0⤊ 0⤋