By The Staff of Entrepreneur Media
ISBN-10: 1613083009
ISBN-13: 9781613083000
Tapping into greater than 33 years of small enterprise services, the workers at Entrepreneur Media takes today's marketers past commencing their doorways and during the 1st 3 years of possession. This revised variation positive factors amended chapters on deciding on a company, including companions, getting funded, and coping with the company constitution and staff, and in addition contains aid figuring out the most recent tax and healthcare reform info and legalities.
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Additional resources for Start Your Own Business: The Only Startup Book You'll Ever Need
Sample text
No Section 179 expensing: In addition, taxpayers involved in income-producing activities may not take advantage of IRC § 179: the tax code provision that allows business people to deduct up to $105,000 in purchases of longterm personal property in a single year. ) • No seminar or convention deductions: People with income-producing activities can’t deduct their expenses for attending conventions, seminars, or similar events. Thus, for example, you can’t deduct the cost of attending a stock market investment seminar.
Being able to show the IRS a copy of an advertisement for your business is a great way to prove you were open for business. You can also mail out brochures or other promotional materials. If you don’t want to pay for postage, you can leave them on your neighbors’ doors or car windshields. You don’t have to advertise to show you are open for business—simply handing out business cards is sufficient. Have cards made up and start giving them out. Give your first cards to friends and associates who could testify for you if you’re audited by the IRS.
You can use software programs to create your own inexpensive stationery and cards. • Obtain all necessary business licenses and permits. Getting the required licenses and permits for your activities will show that you are acting like a business. For example, a home-based inventor who attempted to build a wind-powered ethanol generator in his backyard was found to be a hobbyist partly because he failed to get a permit to produce alcohol from the federal Bureau of Alcohol, Tobacco and Firearms. • Obtain a separate phone line for your home office.
Start Your Own Business: The Only Startup Book You'll Ever Need by The Staff of Entrepreneur Media
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