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  • From: Michael Czeiszperger <michael AT czeiszperger.org>
  • To: "Internetworkers: http://www.ibiblio.org/internetworkers/" <internetworkers AT lists.ibiblio.org>
  • Subject: Re: [internetworkers] Loaner Laptop; Business Expenses
  • Date: Tue, 1 Mar 2005 20:42:45 -0500


On Mar 1, 2005, at 5:26 PM, Jason Laughlin wrote:

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.

I'll second that. I kept track of money made from music over the years and was then able to write off most of the guitars and amps I bought.

___________________________________________________________________
michael at czeiszperger dot org
Chapel Hill, NC USA





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