Jul

19

Ending a home based business – what are the tax implications?

Filed Under United States | 3 Comments

Eric M asked:


I’ve been writing off my home based business for the last few years. If I stop using that portion of my home solely for my business, how do I indicate that on my taxes?

Additionally, does anyone know of any resources that indicate what the implications are of stopping a home based business write-off?

I see lots of information on how/what to write-off for a home based business, but can’t seem to find anything on what to do when that ends.

Caffeinated Content – Members-Only Content for WordPress

Apr

14

I work for a 501C business,which is closing and liquidating. Can I start my own separate taxable business?

Filed Under United States | 2 Comments

izzy asked:


I have worked for the 501C business for 10 yrs total, 3 in this specific business area. They no longer wish to carry this branch of their association. When they close, I will be fired. Can I start up my own for profit business, with the same business description?

Create a video blog…instantly.

Jan

27

Can I deduct a business mortage payment or only the interest and why?

Filed Under United States | 1 Comment

tru_belle asked:


I need to know if I can deduct the mortage payment on a business. Our business mortage is a commercial loan and only the business is on it. Or, is only the interest on the business deductable. If so, would it be in our best interest for the business to rent from us this year?

Caffeinated Content