Category:Small Business Advice
|Question: what are the benefits (if any) of becoming a limited company? - posted by 10.0.0.7 Reply
|The Limited Liability Corporation (LLC) business type provides the same protection against personal liability for business debts afforded by forming a corporation. However, forming and LLC is less expensive and less complicated than that of incorporating. Additionally, and LLC structure doesn’t result in the double taxation issues that owners of corporations (other than S-Corporations) face. - posted by Mary G. White
|Question: My wife and I started a photgraphy business from our home and seperate from our 9-5 employment in 2007. What if anything is tax deductible? We have not realized any profit and have incurred considerable start up costs. - posted by 10.0.0.7 Reply
|There are many tax advantages to owning a home based business. Hopefully you and your wife have kept receipts and records throughout the year of your various business related expenses. It's important to seek the assistance of a qualified tax accountant to determine exactly what you can deduct from your taxes. Since your business is operated from your home, try to find an accountant in your area who has experience working with home based business owners. You may want to check with other entrepreneurs in your area for referrals to qualified professionals. In the meantime, start working on pulling together records of payments for business expenses, including things like professional association dues, work related mileage, advertising expenses, office supplies, home office equipment, etc. - posted by Mary G. White
Articles in category "Small Business Advice"
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