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Old 12-28-2002, 06:55 PM
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Fvstringpicker Fvstringpicker is offline
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Join Date: May 2002
Location: columbus, georgia
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In my other life, I am a CPA and X-tax auditor. There is no max per se for expenses. Primarily, to deduct expenses, your purpose in business is to make a profit. Everything else is considered a hobby. Generally the IRS views this as a profit 2 out of 5 years. The main thing is to make sure your expenses can be judged by a reasonable man as business related. Trying to write off fishing tackle as a lawncare business expense for example is probably a mistake. Keep good records and be able to show that the expenses are ordinary and necessary for operating the business. My advise would be to get a good tax practicioner, preferably a CPA. I'm not trying to push my profession, but CPA's have to adhere to state and national standards.
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