Reply To: Incorporation – Setting up your business legal structure for optimized operation

#5283
Natalie Minh
Keymaster

@Megan:  

Amazon Affiliate Sales:  Visit http://www.drsarasolomon.com/product-category/home-gym-equipment/ and click to buy any of Sara's products.  It will redirect you to Amazon via her affiliate link, for purchase.  This is a fancy way of presenting Amazon affiliate links. It could as easily be done if you were writing a blog and you made hyperlinks on photos/words with your Amazon Affiliate link.

 

Prior to starting my job at the gym, any money I spent on business related expenses, can or cannot be considered tax deductible? ( Because I didn’t earn an income, and it wasn’t for the length of time Natalie mentioned, correct?

>>> Keep track of all of your business expenses (and incomes), you can carry a loss forward or backward per tax law, for up to 7 years.


Pertaining to the expenses (voluntarily) that incurred as an employee under a corporation (I’d assume the gym was a corp.) I’m pretty much at a loss over that too or no? Sorry if this sounds confusing, don’t know the proper language?

>>> There are some provisions under tax law to expense your out of pocket costs like this even if it was for a corporation, they would be considered “unreimbursed costs”.  Keep note of it and either present to your accountant or input into TurboTax.