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

Natalie Minh


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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.