more expenses than income?
Hello … During the summer, I opened a small company, we had to renovate and the cost of new equipment. (Studio Photography) I just calculated my income over my expenses and my expenses were approximately 7000 more than what I did. makes sense to me, because my husband and I about broke us to try to find the money to get this underway Implementing studio. My question …. this will raise red flags when I file, or will they take into account the fact that I just opened the company and had a huge amount of spending?
The IRS realizes that each company will not be profitable every year. The general rule is that you must be profitable 3 of 5 years. It is almost expected that a company will not be profitable during the year starter, too. A something to think about, however. The costs of renovation and equipment should be capitalized … not expensed. They could then be amortized or take the Section 179 depreciation on them. By definition, they are not fresh, they are active.
Product Photography Equipment Sharpics Tabletop Studio Lighting & Background Stand
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