Tax Benefits for Thinking About and/or Starting a New Business

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Tax Benefits for Thinking About and/or Starting a New Business

Karibu (Welcome) G&G Readers,

Question: At what point do the tax benefits start when you get into a new business (perhaps first business)?

Answer: The breaks start when you think about starting the new business.

Tax law's official name for these thinking-about-it expenses is "start-up" expenses.

Don't Miss Out on this Deduction

Experience shows that you will do one of four things with your start-up expenses (three of which are bad):

1. Take no deduction because you did not know that you could deduct the expenses of investigating and planning for a new business. (Most taxpayers do not know about the start-up rules and cheat themselves out of the deductions.)

2. Take the start-up deductions incorrectly as business deductions (cheating the government—until you're caught).

3. Capitalize the expenses, thereby cheating yourself of the deductions until you sell, close, or otherwise dispose of the business.

4. Correctly claim business start-up expenses.

The biggest failure for most is lack of knowledge. But, because you are now reading this article, you no longer suffer this disability...

Click below for full article:
http://www.gngassoc.com/TaxTips/TTOW_110707.pdf

Visit our website for more information or contact us today to set your appointment if you need a "TAX" OR "FINANCIAL" one-on-one consultation.

Until the next time!

Ankh Uja Snb (Life, Strength, & Health),

Asar Gary Gray
Tax & Financial Consultant, RFC
G&G Associates
757-251-0174 office
866-361-3872 toll free fax
www.gngassociates.net

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