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Featured Biz Question
What I can write off on my taxes?
Each week we pluck reader questions from CyberSchmooz and ask our savvy biz experts to give you their ideas -- compliments of the house! Got biz questions of your own brewing? Go post 'em in Idea Cafe's CyberSchmooz. You'll get peer-to-peer help from fellow entrepreneurs. And bookmark this page so you can check back here soon -- maybe our experts will single out YOUR question next!
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Answer from our Guest Expert Peter Soh of AdviseInc.com
Dear Eric:
This is a pretty wide-open question, but let's see what we can do. As a small business owner, you have many different options for tax write-offs, depending on your type of business and structure. Keeping this in mind, here are some general tax write-offs you -- and other small businesses -- might be able to consider when it comes tax time.
The Tax Entity Factor
What type of write-offs you can use often depends on which tax entity, or form of doing business, you select or have already selected. The most common types of business entities are the sole proprietorship, partnership, limited liability company (LLC), and corporation. The IRS, in its infinite wisdom, has devised various ways to tax each of these entities and their owners.
About the Expert
Peter C. Soh
Owner of AdviseInc.com
Peter is a savvy certified public accountant dedicated to helping startups.
He is a small business advisor for the U.S. Small Business Administration
and teaches "How to Start Your Business" seminars. more
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