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Home Business?
Old 01-07-2007, 09:38 AM   #1
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Home Business?

With the new year starting I was thinking of starting a home business. The DW wants to plant sunflowers and sell the heads to all of the local arts and crafts stores.

Can I deduct full start up costs from my 2007 taxes? Or do I need to amortize them? Or can I only deduct as much as I earn in the business?
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Re: Home Business?
Old 01-09-2007, 01:21 AM   #2
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Re: Home Business?

You might want to ask at fairmark.com which is a CPA/Tax board.
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Re: Home Business?
Old 01-09-2007, 10:27 AM   #3
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Re: Home Business?

Quote:
Originally Posted by Bimmerbill
With the new year starting I was thinking of starting a home business. The DW wants to plant sunflowers and sell the heads to all of the local arts and crafts stores.

Can I deduct full start up costs from my 2007 taxes? Or do I need to amortize them? Or can I only deduct as much as I earn in the business?
The law was changed in 2004

Now startup costs can be expensed up to $5,000 in the first year. The balance has to be amortized over not LESS than 180 months.

See code Sec 195(b) for more info.

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