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Old 05-06-2007   #1 (permalink)
MoneyTalkPro.com
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Default Creating a Business
Is it smart to create a business for online activity to get tax benefits? Is there even such a thing?
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Old 05-06-2007   #2 (permalink)
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yeah. you can deduct expenses. ie: web hosting, domain name, adwords, etc...
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Old 05-06-2007   #3 (permalink)
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yeah. you can deduct expenses. ie: web hosting, domain name, adwords, etc...
Couldn't you deduct these anyway and just pay overall profit? Do you need a business in order to or what?
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Old 05-07-2007   #4 (permalink)
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Originally Posted by MoneyTalkPro.com View Post
Couldn't you deduct these anyway and just pay overall profit? Do you need a business in order to or what?

online activity ?
deduct them from what ?

These kind of expenses can only be deducted if there are used as part of a business.
You don't need a company, but you may need to register as self employed.
Check with your local tax office.
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Old 05-09-2007   #5 (permalink)
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You don't need to incorporate, but you should register as a business or self-employment to deduct "business expenses"

You should incorporate, however, to protect yourself from liability.
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Old 09-26-2007   #6 (permalink)
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In any business you can deduct the expenses like electricity, broadband charges, salary and office rent from your income to save you from taxes
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Old 02-24-2008   #7 (permalink)
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John Chow actually just had a post about incorporating yourself, I guess if you get a lawyer it could cost over $1000 but if you find a suitable guide you only have to pay legal fees and it has many benefits I hear.
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