rsanter
Well-known member
go to the city and do the paperwork and you are a buisness. there are some small fees involved but thats no big.
I calim to be a internet based buisness (ebay) and I do sell on ebay as well as buy. for a small buisness the tax forms are easy. all you have to do is track what you buy and what you sell and I was doing some side work (welding, fab work, and building a few engines) so I can claim some labor. I am also an engineer so I occasionally do some 'consulting' which I was having to claim anyway. generally it will run at a loss (only because of the cost of renting the warehouse) but the IRS does not concern itself if you overclaim some income so you make a small profit. I used to own a full time buisness so this is just childs play by compairison. I also belive that the basis that the IRS uses is that thay do not want you operating to create a tax deduction.
based on the fact that you are in the insurance industry. what is the company going to look at to determine how real of a buisness I am and what can they say. I have the insurance for the primary reason that when I signed a new lease the landlord was now requiring the 1 mill liability. getting the contents insured was a bonus.
from the insurance side of this, what are you looking at? what are you thinking? and what am I missing?
bob
I calim to be a internet based buisness (ebay) and I do sell on ebay as well as buy. for a small buisness the tax forms are easy. all you have to do is track what you buy and what you sell and I was doing some side work (welding, fab work, and building a few engines) so I can claim some labor. I am also an engineer so I occasionally do some 'consulting' which I was having to claim anyway. generally it will run at a loss (only because of the cost of renting the warehouse) but the IRS does not concern itself if you overclaim some income so you make a small profit. I used to own a full time buisness so this is just childs play by compairison. I also belive that the basis that the IRS uses is that thay do not want you operating to create a tax deduction.
based on the fact that you are in the insurance industry. what is the company going to look at to determine how real of a buisness I am and what can they say. I have the insurance for the primary reason that when I signed a new lease the landlord was now requiring the 1 mill liability. getting the contents insured was a bonus.
from the insurance side of this, what are you looking at? what are you thinking? and what am I missing?
bob