I have an idea and want some feedback.
My goal and dream is start a bar/club in about two to three years.
Here is the idea:
I start a "research business" as a sole propritor. No money, no product,
no service, no taxes. I do market research, travel to other bars for study,
and all of my 'bar' workup as a business expense for my research company. I
just use the research company for a little tax relief while building up my
bar, then when the bar opens the research company goes Out Of Business...
So, is this a good idea or bad?
Shaun
How do you plan to make money from your research business? To be a legitimate
business and be able to deduct your expenses, you must also have a source of
income. A start-up business often has more expenses than income initially,
but it does have income. Otherwise, the IRS may consider your research
business as a tax shelter and disallow it.
BizResearcher | Window Shopper | 5/15/2012 - 12:24 pm
business and be able to deduct your expenses, you must also have a source of
income. A start-up business often has more expenses than income initially,
but it does have income. Otherwise, the IRS may consider your research
business as a tax shelter and disallow it.
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