Forums: Discussions for entrepreneurs and small business.

I work for a very large, and successful, software development company.  In my spare time though, I occasionally will code software on the side for friends or needy businesses for extra income(between 20$-100$).  I have built a small studio in my home, that contains basic computer hardware, as well as other stuff (graphics tablets, desks, etc.)  I have been working on several coding projects, that I would soon like to sell publicly.  I obviously can build/setup my own website and such.

 

Where my questions lie though, are more on tax-right offs.  Say I startup my business officially, and for instance, say I need a new graphics tablet.  I buy one for 900$, do I get to count that as a tax right off or a business expense, or anything?  Other example, I decide I need better internet, so I upgrade to a higher bandwidth, does that count for anything on the business side?

 

A friend of mine, who owns a small business, bought a company truck.  He uses it for everything/anything, but the company owns it.  And I was thinking he was getting some kind of right off or discount by buying it through the company.

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Hi senatorwolf,

If you are running a legit business that is paying all of its taxes and has all of the proper licensing then you would be surprised about how much you can actually write off on your taxes.  When I have tax questions the first thing I like to do is try to figure out the answer myself on the IRS website.  A good place for you to start might be here:

IRS Business Deductions

When it's your first time setting up a business I also highly recommend you contact a knowledgeable accountant, attorney or business broker or all 3.  In the beginning you really want to get this stuff right as well as know all of your exact rights.

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That depends on the company you are in. Try to talk to them regarding this.

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