- This topic has 145 replies, 18 voices, and was last updated 14 years, 11 months ago by
sdrealtor.
-
AuthorPosts
-
April 14, 2009 at 10:15 AM #381270April 14, 2009 at 11:15 AM #380709
SanDiegoDave
ParticipantThe biggie is the home-based business, or side consulting that can generate a 1099. It opens up a great deal of home based deductions that would normally have to amount to over 2% of AGI before they even begin being deductible. I ran into that with my 2008 taxes. Lots of work-related expenses not covered by my employer that didn’t pass the 2% threshold. Time for me to go out and get some side work.
Anyone need the services of a computer network expert? VoIP, Wi-fi, routing/switching, LAN/WAN, Cisco, Nortel, Juniper. I bring 10 years of global enterprise level experience. Small jobs welcome 🙂
April 14, 2009 at 11:15 AM #380982ParticipantThe biggie is the home-based business, or side consulting that can generate a 1099. It opens up a great deal of home based deductions that would normally have to amount to over 2% of AGI before they even begin being deductible. I ran into that with my 2008 taxes. Lots of work-related expenses not covered by my employer that didn’t pass the 2% threshold. Time for me to go out and get some side work.
Anyone need the services of a computer network expert? VoIP, Wi-fi, routing/switching, LAN/WAN, Cisco, Nortel, Juniper. I bring 10 years of global enterprise level experience. Small jobs welcome 🙂
April 14, 2009 at 11:15 AM #381169ParticipantThe biggie is the home-based business, or side consulting that can generate a 1099. It opens up a great deal of home based deductions that would normally have to amount to over 2% of AGI before they even begin being deductible. I ran into that with my 2008 taxes. Lots of work-related expenses not covered by my employer that didn’t pass the 2% threshold. Time for me to go out and get some side work.
Anyone need the services of a computer network expert? VoIP, Wi-fi, routing/switching, LAN/WAN, Cisco, Nortel, Juniper. I bring 10 years of global enterprise level experience. Small jobs welcome 🙂
April 14, 2009 at 11:15 AM #381218ParticipantThe biggie is the home-based business, or side consulting that can generate a 1099. It opens up a great deal of home based deductions that would normally have to amount to over 2% of AGI before they even begin being deductible. I ran into that with my 2008 taxes. Lots of work-related expenses not covered by my employer that didn’t pass the 2% threshold. Time for me to go out and get some side work.
Anyone need the services of a computer network expert? VoIP, Wi-fi, routing/switching, LAN/WAN, Cisco, Nortel, Juniper. I bring 10 years of global enterprise level experience. Small jobs welcome 🙂
April 14, 2009 at 11:15 AM #381346ParticipantThe biggie is the home-based business, or side consulting that can generate a 1099. It opens up a great deal of home based deductions that would normally have to amount to over 2% of AGI before they even begin being deductible. I ran into that with my 2008 taxes. Lots of work-related expenses not covered by my employer that didn’t pass the 2% threshold. Time for me to go out and get some side work.
Anyone need the services of a computer network expert? VoIP, Wi-fi, routing/switching, LAN/WAN, Cisco, Nortel, Juniper. I bring 10 years of global enterprise level experience. Small jobs welcome 🙂
April 14, 2009 at 11:55 AM #380724DataAgent
Participant“Time for me to go out and get some side work.”
You don’t need income to writeoff the expenses of a side-business. You just need to show future intent of generating income. This intent is easily shown by: biz license, fictitious biz name, biz checking acct, biz cards etc.
As an example, small biotech firms have a long startup cycle. Many don’t show any income for years. These biotech firms still writeoff their expenses for tax purposes.
April 14, 2009 at 11:55 AM #380997Participant“Time for me to go out and get some side work.”
You don’t need income to writeoff the expenses of a side-business. You just need to show future intent of generating income. This intent is easily shown by: biz license, fictitious biz name, biz checking acct, biz cards etc.
As an example, small biotech firms have a long startup cycle. Many don’t show any income for years. These biotech firms still writeoff their expenses for tax purposes.
April 14, 2009 at 11:55 AM #381184Participant“Time for me to go out and get some side work.”
You don’t need income to writeoff the expenses of a side-business. You just need to show future intent of generating income. This intent is easily shown by: biz license, fictitious biz name, biz checking acct, biz cards etc.
As an example, small biotech firms have a long startup cycle. Many don’t show any income for years. These biotech firms still writeoff their expenses for tax purposes.
April 14, 2009 at 11:55 AM #381233Participant“Time for me to go out and get some side work.”
You don’t need income to writeoff the expenses of a side-business. You just need to show future intent of generating income. This intent is easily shown by: biz license, fictitious biz name, biz checking acct, biz cards etc.
As an example, small biotech firms have a long startup cycle. Many don’t show any income for years. These biotech firms still writeoff their expenses for tax purposes.
April 14, 2009 at 11:55 AM #381361Participant“Time for me to go out and get some side work.”
You don’t need income to writeoff the expenses of a side-business. You just need to show future intent of generating income. This intent is easily shown by: biz license, fictitious biz name, biz checking acct, biz cards etc.
As an example, small biotech firms have a long startup cycle. Many don’t show any income for years. These biotech firms still writeoff their expenses for tax purposes.
April 14, 2009 at 12:01 PM #380734waiting for bottom
Participant[quote=DataAgent]1. Have a non-working spouse start a home-based business. Most businesses show taxable losses the first few years.
2. Buy a rental property. Even if you break-even with your cash flow, you can still depreciate the property creating a taxable loss.[/quote]
Careful on the rental property. If you have more than $150K of AGI – no write off for you!
April 14, 2009 at 12:01 PM #381006Participant[quote=DataAgent]1. Have a non-working spouse start a home-based business. Most businesses show taxable losses the first few years.
2. Buy a rental property. Even if you break-even with your cash flow, you can still depreciate the property creating a taxable loss.[/quote]
Careful on the rental property. If you have more than $150K of AGI – no write off for you!
April 14, 2009 at 12:01 PM #381195Participant[quote=DataAgent]1. Have a non-working spouse start a home-based business. Most businesses show taxable losses the first few years.
2. Buy a rental property. Even if you break-even with your cash flow, you can still depreciate the property creating a taxable loss.[/quote]
Careful on the rental property. If you have more than $150K of AGI – no write off for you!
April 14, 2009 at 12:01 PM #381243Participant[quote=DataAgent]1. Have a non-working spouse start a home-based business. Most businesses show taxable losses the first few years.
2. Buy a rental property. Even if you break-even with your cash flow, you can still depreciate the property creating a taxable loss.[/quote]
Careful on the rental property. If you have more than $150K of AGI – no write off for you!
-
AuthorPosts
- You must be logged in to reply to this topic.