Quote:
Originally Posted by capesams
Better read the fine print,,thats only good for a loss up to 3 years on deductions...then you better start showing a profit or they'll hit you from both sides..
accountants arn't responsible for their accounting work that they do for you...cause you gave them the paper work..if a red flag goes up..your on your own.Every account will tell you a different story when it comes to what you can and can't take....there is no list/book to go by..you just guess and hope your not called in.
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no, you're thinking if its a loss. You can only claim a loss for 3 years. your profits are always less your expenses.
If a plug costs 10 to make and you sell for $20, you dont pay tax on 20, you pay on 10. That 10 should include ALL costs associated with your business.