----- Original Message -----
From: Dana Tierney
To: CF-Community
Sent: Friday, October 17, 2003 8:31 AM
Subject: Re: Texas corporation question
IRS has somethign called a hobby rule... you cant deduct stuff for a
business that lost money two out of the last three years, or something like
that. I am actually not seeing this in the instructions, but I remember it
from past years
Dana
Kevin Graeme writes:
> To a limited extent, yes. But there are rules for how much you can deduct
> for various things. When you go over those limits you generally have to
> prove that you really needed to buy 25 computers, three cars, and a house
> not for resale for the operation of a sole-proprietership (that's a
> completely made up example.) Also, in some states a business must be
> profitable over time or lose the business license and face IRS scrutiny.
>
> -Kevin
>
> ----- Original Message -----
> From: "brob" <[EMAIL PROTECTED]>
> To: "CF-Community" <[EMAIL PROTECTED]>
> Sent: Friday, October 17, 2003 4:56 AM
> Subject: Re: Texas corporation question
>
>
> > Hey i was wonderin if u own a business and you use company money to buy
> food or like a laptop, you can write those off as expenses right? And would
> it be possible to do it so much that the company dont make any profit.
> Therefore nothing to be taxed on, since they only tax profits right? err
> yeah you know what i mean hehe
>
>
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