Archive for March, 2009
Home Based Business Directory
March 12th, 2009
Question: Where can I locate a web-based directory of home based businesses in Montgomery County, Maryland?
Answer: I have been publishing an information website for Home Business entrepreneurs since 1999 and I haven't found a state-by-state directory of home based businesses, much less that in Montgomery County.
If you want to meet home based entrepreneurs in MD, I suggest you check out Meetup.com - I know they have several small business and entrepreneur groups in Bethesda and Rockville
Why have a Home Based Business... Dr. Andre Park
Posted in Home Businesses | 
Tags: home based business directory, reference, social, tools, web, web2.0 | 
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Home Business Cannes Croisette
March 5th, 2009
NFB Filmbay Al Waxman Calling Card Shorts 2010 part N
Legitimate Business Expenses
March 1st, 2009
Question: Best Married Sole Proprietor Filing Status?
My wife and I just got married and I had some questions about our filing status. We recently started a business and this is the first time we will be filing with business expenses/income. We both hold full time jobs outside of the business while it’s in the early stages and I was wondering what would be the most advantageous way to file. Our withholdings were based on no dependants through our jobs and I’ve heard that you pay more tax when you’re married. The bottom line is that we incurred a large loss through our business this year and I don’t really understand how a tax refund works. I know I have thousands upon thousands of legitimate things to expense that I verified with the IRS, so if we filed together and had a larger tax to pay would that increase or decrease any potential refund?
Helpful info: I’m seeking professional help already and my business is not a ‘hobby loss’ scenario.
Thanks!
Answer: File jointly. Jointly/separately is not really a problem here.
Starting recently, husbands and wives who work on a business together are allowed to do two schedule Cs (as opposed to a separate partnership return).
You would put the income and expenses on the 2 schedule Cs. Some expenses must be amortized and/or depreciated so the entire amount may not go on the tax return this year. If your expenses exceed your income, you will have a loss.
If you materially participate in the business, you will be allowed to use the loss against your other income. This will reduce your taxes.
It sounds like you will be fine. do hire a tax pro.
What is a Dispensation? Business expenses for Contractors