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  • From: Jason Laughlin <jason AT jasonlaughlin.com>
  • To: "Internetworkers: http://www.ibiblio.org/internetworkers/" <internetworkers AT lists.ibiblio.org>
  • Subject: Re: [internetworkers] Loaner Laptop; Business Expenses
  • Date: Tue, 01 Mar 2005 17:26:12 -0500

IANA L or CPA ...

You don't have to be an LLC or S corp to deduct business expenses. Simply file Schedule C with your 1040. Works fine for sole proprietorships.
So long as you can demonstrate that your expenses are related to a business and you have an intent to earn profit from those activities, you can write off related business expenses even if they result in a net loss. If it's a "hobby activity" then you can only write off expenses against any income earned (to come to zero).
I've been doing it this way for 5 years with no problems.

Jason


Colleen McCarthy wrote:

Hi Folks,

Does anyone have an old laptop that I could borrow for a week? It can be
very old-- I won't be doing anything sophisticated with it, at this point
just using Word. I would be very gratefully to be able to borrow any
Windows machine of any vintage :)! I think that I need to purchase one, but
want to identify my requirements before I do.

Also, if anyone could share information on whether or not I need to actually
establish an LLC or S Corp in order to write off business expenses I would
appreciate it. I may join an existing S Corp, and don't want to complicate
things by establishing my own if I don't have to just to write off expenses.

Thanks much!

Colleen

Colleen McCarthy, BSMT, BSEE, MBA, PMP
(h) 460-0641

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