Go Back   Tax Forum - Payroll, Accounting and Tax Help Forum > Business Tax Forum > Starting a Business

We Recommend
www.FreeTaxExtension.com

Post New Thread  Reply
 
Thread Tools Display Modes

We Recommend
www.FreeTaxFiling.org

Old 01-21-2015, 08:59 PM   #1
LarryJ
Junior Member
 
Join Date: Sep 2014
Posts: 10
Rep Power: 0LarryJ is on a distinguished road
Read. Ask. Learn.
Deductions for part-time business?

Registered users do not see advertisement
Does a small business qualify for the equipment purchase deduction, and other deductions, if the business income is the owner's secondary means of income. That is, if I have a photography business that is secondary income to a full-time employment with another company, does my small business quailify for standard small business deductions, such as equipment purchases under section 179.
LarryJ is offline   Reply With Quote
We Recommend

Old 01-26-2015, 04:56 PM   #2
brycast
Senior Member
 
Join Date: Apr 2011
Posts: 133
Rep Power: 7brycast is on a distinguished road
Read. Ask. Learn.
If you are operating your business with an intent to make a profit, then yes. Your income and expenses would be reported on schedule C. Here is a link to an IRS article. You might want to speak with a tax pro to help you with preparing your tax return.

http://www.irs.gov/Businesses/Small-...iness-Expenses
brycast is offline   Reply With Quote
Disclaimer
While you may find opinions of forum members useful, they don't take the place of professional legal advice. TaxForum.us suggests that you find professional legal help for all your legal questions since every situation is different and depends on your state tax laws.

The information presented on this site comes without any warranty of correctness and, therefore, should not to be relied upon as professional advice. No attorney client relationship is created through use of this site.
Post New Thread  Reply


Special Offers
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT. The time now is 09:58 PM.


Free Tax Help® Version 3.8.4
Copyright ©2000 - 2017, Jelsoft Enterprises Ltd.




Approved TurboTax Affiliate Site
TurboTax and TurboTax Online, among others, are registered trademarks and/or service marks of Intuit Inc. in the United States and other countries. Other parties' trademarks or service marks are the property of the respective owners.
vRewrite 1.5 beta SEOed URLs completed by Tech Help Forum and Chalo Na.