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Re: tax write offs

by hilsman2, Performer

  • Created: March 24, 2010, 12:02 am
  • Updated: October 26, 2012, 12:44 pm
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14 comments

I have a question. I just started a Internet web directory where businesses can list their website. I have free and featured listings. The featured listing has a small charge, which guarantees a quicker review time. I haven't made any money yet from it. People won't pay for a featured listing, until I get my page rank up and it will take some time. I put money into this for hosting, software, domain name and etc. Can I claim this as a loss to my business on taxes?

Thanks,

Karen

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Tags: Discuss Popular Topics, Filing and Paying Taxes
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MarkAcantilado | Window Shopper | 8/13/2012 - 6:58 am

Where do you reside and is your directory an international business
directory? You should check to your local business regulator on what is the
scope of taxes and what should you only pay for your tax as well as if your
situation can be considered.
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costumezip | Window Shopper | 8/7/2012 - 10:58 pm

I'm in the same boat...Not sure how this is going to go. Trying to keep track
of everything...but it can be overwhelming at times. I'm very curious on what
can be considered a write off, expenses or such so that I'm somewhat ready to
file, so I will defiantly be keeping an eye on this discussion board.
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kmurray | Community Moderator | 8/8/2012 - 7:50 am

Show Replied Text…
I'm in the same boat...Not sure how this is going to go. Trying to keep track of everything...but it can be overwhelming at times. I'm very curious on what can be considered a write off, expenses or such so that I'm somewhat ready to file, so I will defiantly be keeping an eye on this discussion board.
Hi, You may find this blog about tax tips helpful with regard to write-offs: http://www.sba.gov/community/blogs/last-minute-tax-tips-small-business-%... Best of luck!

graven73 | Window Shopper | 4/19/2012 - 11:37 am

Keep your taxes clean and you have to be patient before the site has enough
credibility. Try getting links to it…
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crosby52 | Creator | 11/5/2010 - 10:18 am

One word of advice...keep impeccable records!  My company was audited last year and had we not kept everything organized with notes a lot of the deductions would not have been allowed to stay.  If the auditor sees restauraunt receipts that you wrote off as business and you can't remember what was discussed, he won't let you keep it.
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NicoleD | Former Moderator | 6/28/2010 - 8:53 am

Thanks everyone for your input. Karen - hope you found these replies helpful. You can read more about small business tax deductions at business.gov.

ForeclosedHomes | Window Shopper | 6/25/2010 - 2:39 am

these sound like standard operating costs which would normallu be dudctible. If you operate the site from your home, can you claim home office deductions?
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mrhelpful | Contributor | 6/24/2010 - 8:18 pm

as a general rule, expenses incurred in the oeration and running of your business are tax decustible. This is a drastic over simplification but a good rule of thumb to start with.

BizResearcher | Window Shopper | 3/30/2010 - 8:38 am

You might want to go to the IRS website and print a copy of form 1040 Schedule C. This is the form you will use to report your business expenses if you are a sole proprietor. The form lists the various categories of expenses you can deduct. You may be surprised by how many there are. Be sure you keep good records and document everything you spend, no matter how small.

saintphilip | Performer | 3/25/2010 - 7:14 am

I had no idea about these write-offs; e.g. hosting, domain registration, etc. Good looking out. Business taxes are all new to me.
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