Can I deduct Business Expenses.. Without Income? from Personal Income? from a Past year?

Can I deduct Business Expenses without income, from personal income, or from a past year?? To answer these questions, we'll be talking about startup and organizational costs and a hobby vs. a business.

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If you have more going on in your business, check out the SMALL BUSINESS SCHOOL, which helps you get setup in an advanced spreadsheet template and track profit by categories in your business (so that you can know where you are making money and were you aren't).

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[dannellschrute]

Thx a lot, I learned its possible to start a business and if my income is 0 at my business i can deduct from my personal
income as an employee.

[LenGJR]

Just what I needed. Crystal clear explanations with step by step instructions. And the tools to actually follow through with your instructions. Very powerful and actionable advice and guidance. I am going to subscribe to your channel and sign up for your course. Thank you for sharing your expertise. 👍🏾

[riseyourvibration]

Can you recommend a CPA? I need one. And by the way, you are the best when it comes to explaining, so nicely explained and right to the point. Thank you

[karago]

You're the one I was looking for, honestly you nailed me.
Thank you so much.

[lauraprater]

easy to follow. Wow! I've had these questions go unanswered for a long time. Thank you!

[karonhebron]

I love your videos. You are so explanatory with your explanations

[jaredmeadows]

Excellent information! Very clearly explained - thank you!

[rickeyhughes]

Hello, Miss Amanda. This is Rickey Hughes again. I have just watched your most recent video about Deduction of Business Expenses Without Income. Although I have had this Bookkeeping and Accounting business, now, for 27 years, I have had no income, in this business, in 2019. To be honest with you, so far my business has not been too successful due to lack of clients. I would like to know from the video I have just watched, does this apply to me? Please let me know whether, or not, it does.
Also, I would like some advice on how to operate my business in the right way, so I can resume getting clients for my business. Please let me hear from you again whenever possible. I think you would be of great encouragement to me about my business. I would more than appreciate it. I thank you for sharing this video, and do look forward to hearing from you again. Until then, take good care of yourself.

[DeborahGagliani]

I am in my first year of real estate with no business income in 2019. In 2018, I have expenses from the classes I took. I am licensed and actively working my business, but it takes time to build. Also, I am still working my other business parttime so that I don't go broke. Can I deduct expenses from 2019 and 2018?

[peterfallon]

As a man who’s been researching which kind of company to form for my budding author career

[YourUncle_G]

Great Teacher!!!
What is the link for your business school course?

[mst]

Thank you soo much I appreciate this video u Are a great teacher

[ibhone]

Hey Amanda, thanks for the video.

So just to make sure I understand: If I only had Organizational and Startup Costs in 2019 (i.e. the business is not "open"), then I should not deduct anything (?). Since I was not open in 2019, I guess I shouldn't even file taxes at all (the entity is an LLC taxed as a partnership).

[davidd]

If one has to pay organizational and start up costs from personal funds are such expenses deductible to the biz once it is set up correctly?

[tone]

Deciding to form an LLC, due to my specific needs and protection, I have just opened for business now in 2020, but spent the last year getting clients (which have paid invoices to just myself), secured rent at a location for the last 10 months to store materials and equipment needed for my business, and had start up & organizational costs. Of these, what can be written off on my taxes for 2019. I am assuming, only the start up and organizational costs, because last years clients were before my business start date, correct?

[ChristinaLovesplanning]

I have a question i should just watch the videos, but I make things I crochet covers and believe it or not I make money !! so my question is i started this is 2019 I have business cards, i advertise, I sell through paypal and I'm working to open my website, I do this by myself should I get a tax id number ?? I am making a profit and i didnt even file my taxes for 2019 because i have no idea where to begin. mind you I work fulltime outside the house ... so i dont know how to do my taxes.

[markgreenberg]

The spreadsheet used in this video has an error in it. Year 16 mths is only 9 but the amortization values are the same as for yrs 2-15 which were all calculated for 12 mths. If you only use 9 mths of amortization in yr 16 you'll get $50.04 in s/u costs and $39.96 in org costs for totals of $6, 000.80 and $5, 799.20 respectively. Rounding errors should be < 1 mth of calculated value.
That said, while I understand only being able to deduct $49.24 in s/u costs yr 16 (total $6, 000), can I round up and deduct $40.76 in org costs so I deduct the full $5, 800 or am I limited to the calculated amortization of $39.96? I realize there's no significant difference between subtracting $41 and $40, but if the initial costs were bigger the difference would be bigger too.

[syedali-portfolio]

Hey. My question is not related to Tax. Im here to learn if does the startup cost go in Income stataement for the 1st year ?? Please assist.

[sanw]

Hi, if you have a general partnership and have start-up costs (licenses, registrations etc) and no income, do we have to fill out a schedule C for this loss?

[Aediym]

I’m an inventor. I hired a lawyer to patent one of my inventions with the purpose of selling the product once it has been patented. Would those lawyer fees be start up costs or organizational costs?