Business Expense Question

[Freddie]

I know last minute. My return is done but not printed out yet. I have another business which is my job.

I am getting into the insurance & advisor business. I spent money on training, visiting some FMO's for training with flights etc. I had no income last year but a few grand in expenses. Some travel/hotel/car and some education. No trips were personal. Not expensive hotels etc.

I was going to list it under new businesss because I do not have a corp for the advisory business. The question is should hI claim these expenses for my "new" business with no income or should I forget about it because it seems like it is IRS "audit" bait.

I am not doing anything fishy but is it worth it?

Thanks.

 

[briko3]

If you can legally take the deduction, I would take it. No reason to give the government more of your money. The problem is that if you didn't pay taxes because of no income, it won't really matter too much anyway.

 

[Freddie]

If you can legally take the deduction, I would take it. No reason to give the government more of your money. The problem is that if you didn't pay taxes because of no income, it won't really matter too much anyway.

Thanks for the input. They were all legitimate expenses. Flights, study materials, hotels and car rental. No dinners, computers, software, entertainment or anything.

All done. I used Tax Cut this year versus Turbo Tax because it was $14.95 versus $29.95 for TT. Online Turbo Tax now is free(!). I am not sure if they charge for electronic filing or you can print out the forms??

Tax Cut used to be pretty weak but this year it is almost identical to Turbo Tax anymore.

If you have everything in a folder and a little practice you can knock it off in about 90 minutes or less.

I have no idea how we will ever pay for the spending in the past 4 months. Just astronomical. A few Repubs said if they get control in 2010 that they can undo about 60 to 70% of this stimulus nightmare. Politicians never cut but any chance is better than what is going on now.

Our kids and grandkids will be destroyed. I do not care what party people support we are destroying young people's future.

Thanks again.

 

[Guest]

I love it. You've made zero money in this business but you've come on this board talking like you know what you are doing and have beaten the hell out of me and others here who DO make money in this business.

I guess the old saying is true. "Empty barrels make the most noise."

 

[Freddie]

I love it. You've made zero money in this business but you've come on this board talking like you know what you are doing and have beaten the hell out of me and others here who DO make money in this business.

I guess the old saying is true. "Empty barrels make the most noise."

I have been in the business in a different sector. I did make money but it was on the management and ownership side.

On the whole I think you are a pretty decent guy. You have been helpful to other people.

I do not like your politics. I have not beaten the hell out of others. I have only jumped on you about politics. After this post maybe my impression of you being a decent guy may be incorrect.

I have made suggestions on things I have worked on and made money.

 

[thespur1]

I love it. You've made zero money in this business but you've come on this board talking like you know what you are doing and have beaten the hell out of me and others here who DO make money in this business.

I guess the old saying is true. "Empty barrels make the most noise."

wow funny, i will remember that for the rest of my life
"empty barrels" !!!!!!!

 

[ALG]

The expenses you mentioned are normal start up cost also include Association Dues or Membership expenses. If you are working from home you can also deduct Home office expense. You do not have to make and or show a profit your first year.

Al

 

[csgrimes]

I did the same thing with all of my fees. You just add a schedule C to your return. I was thinking the IRS might look at it funny for not having any revenue, but I was honest on it. Still owed uncle sam though.....