Internetworkers: http://www.ibiblio.org/internetworkers/

[Jason Laughlin <jason AT jasonlaughlin.com>]

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
>
> ---
> Come and play at the InterNetWorkers Web site!  
> http://www.ibiblio.org/internetworkers/
> You are currently subscribed to InterNetWorkers mailing list
> To unsubscribe visit http://lists.ibiblio.org/mailman/listinfo/internetworkers
>