best businesses to start 2010
If expense incur now and my business won’t start until next year, are the expense deductible for 2010?
I’m starting up a small home based business. I’m planning to buy office equipment and some inventory now, but the business won’t be up and running until January 2010. I want to claim the business expenses incurred this year as deductions for 2010? Is it possible and how? Should I choose the accrual based accounting method? Also should I open a business account now or it’s ok to pay the expenses with my personal credit card? thank you for your answers!
No, it’s called a startup expense and must be deferred until the business opens. It does not matter if you are cash based or accrual.
THE BEST [HOME BASED BUSINESS] WORK AT HOME BUSINESS FOR 2010!
