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Janet Murphy wrote:
<snip>
> The gist is, when you get to manage ALL the revenue, you get to make decisions on how the >money is spent (that's good)
> Everything purchased (legitimately, of course) for your business is an expense to the business (salary, equipment, office
> supplies, mileage, parking, goodwill lunches, gifts, postage, phones, etc.). If you have enough expenses at the end of your
> fiscal year, your profits will be satifactorily LOW (by design) so that you don't have to pay tons of business taxes.
At first blush low business taxes sounds good. In my former career, I
saw two very common errors made, that must be balanced with your
personal situation:
Home office expenses are routinely claimed. If you own your home and
then sell it, there may very well be a gain. The tax provisions
excluding gain on the sale of your home may not apply to the portion of
your home that was used exclusively for business;
Low or negative business income may adversely impact your social
security benefits.
Just my thoughts.
--
Peter
"When a man sits with a pretty girl for an hour, it seems like a
minute. But let him sit on a hot stove for a minute-and it's
longer than any hour. That's relativity,"
- Einstein-
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