New small business

[megwell]

I really don't care what it is....... but
I pay 900 monthly for child support.
I reeeaaalllly want to find a way to save the almighty tax dollars.

If I were to start a small business (home based of course) I don't really care if I make money........I just want to get tax write offs (soft taxes)....
Hypothetically............if I were to buy something like a rug doctor carpet cleaning machine.......... worth about 1000.00......... and try to rent it out,,,,, I know the income that i'd recieve would be minimal....... but what type of tax write offs could I do? and how much could I write off and for how long? .... even If i dont do enough business to sustain the tax write offs?

[gsxr750]

Probably get away with it for a few years, just have lots of startup costs. Then close it and open another one.

[megwell]

that's what I was thinking....... as long as I can get the tax write offs that makes it worth it

[O-Train]

You could do lots of things. For starters you would want a "home office" and of course a "company vehicle". Then you have various "business expenses". I havn't done this personally so I don't know the exact amounts but you could write off things like utilities, car maintenance, gas etc... Just make it so you pick up and deliver you're rug docter lol.

These are just suggestions, personally I wouldn't do anything out of my house that wasn't legit.

[theboss]

yes,...only run something like this 2 or 3 years...the close it and try something else so they dont get suspiscious......if you arent making profit in a couple years they are going to look into it.

[tony_canuck]

as long as its reasonable you can do it, so for home expense don't make it 50% of the home costs as they go by what you really use for the business space, but maybe 25 % etc...and keep track of driving expenses and stuff, in case they ask questions as long as you have an answer that they like to hear it should be okay

[vigilant3]

I really don't care what it is....... but
I pay 900 monthly for child support.
I reeeaaalllly want to find a way to save the almighty tax dollars.

If I were to start a small business (home based of course) I don't really care if I make money........I just want to get tax write offs (soft taxes)....
Hypothetically............if I were to buy something like a rug doctor carpet cleaning machine.......... worth about 1000.00......... and try to rent it out,,,,, I know the income that i'd recieve would be minimal....... but what type of tax write offs could I do? and how much could I write off and for how long? .... even If i dont do enough business to sustain the tax write offs?

Tax write offs don't work the way I think you think they work... Don't bother with your idea, it doesn't make sense. Writing off isn't a free lunch. If you need more information contact me.