The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success

Tax write offs..

Remove ads while supporting the Unscripted philosophy...become an INSIDER.

Walley

New Contributor
Read Millionaire Fastlane
Oct 1, 2007
130
2
24
Can I write off my business license registration fee and other application fees as a tax write off? Let's say my business (sole proprietor) makes $1000 in a month. I pay myself $100 from the $1000. Can I write that off as an expense on my tax? Since I'm a sole proprietor it doesn't matter, because my business is me?
 

Don't like ads? Remove them while supporting the forum. Subscribe.

bflbob

Bronze Contributor
Read Millionaire Fastlane
Speedway Pass
Jul 25, 2007
1,906
376
142
Endicott, New York, United States
Can I write off my business license registration fee and other application fees as a tax write off? Let's say my business (sole proprietor) makes $1000 in a month. I pay myself $100 from the $1000. Can I write that off as an expense on my tax? Since I'm a sole proprietor it doesn't matter, because my business is me?
Although Diane can probably confirm this...

...yes, you can write off the expenses, although some may have to be amortized, and...

...no, you can't write off the money you pay yourself, since a sole prop is a pass-through entity.
 

Diane Kennedy

Bronze Contributor
Aug 31, 2007
795
209
49
BFLBob has got the facts right.

Just to expand a little:

If you haven't begun your business yet, the fee will be considered a start up expense and you'll have to amortize it over 60 months.

without any more info, I'm inclined to think it's a regular deduction as long as your business is currently operating.

And, can you pay yourself? You can't pay yourself a salary from a Sole Prop - but you could pay your spouse a salary.
 

Create an account or login to comment

You must be a member in order to leave a comment

Create account

Create an account on our community. It's easy!

Log in

Already have an account? Log in here.

Sponsored Offers

  • Sticky
MARKETPLACE Lex DeVille's - Advanced Freelance Udemy Courses!
Advanced Upwork Proposals II IS FINALLY LIVE! Here's a look at what's inside: Improved YOU...
  • Sticky
MARKETPLACE You Are One Call Away From Living Your Dream Life - LightHouse’s Accountability Program ⚡
Here is where you eliminate uncertainty from the future! I wanted to post this image as I...
  • Sticky
MARKETPLACE KAK’s “Kill Bigger” Incubation Program- With DAILY personal attention.
Hey Guys! I wanted to give a quick update on what this program has become. In its infancy, we...


Don't like ads? Remove them while supporting the forum. Subscribe to become an INSIDER.

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Monthly conference calls with doers
Ideas needing execution, more!

Join Fastlane Insiders.

Top Bottom
AdBlock Detected - Please Disable

Yes, ads can be annoying. But please...

...to support the Unscripted/Fastlane mission (and to respect the immense amount of time needed to manage this forum) please DISABLE your ad-block. Thank you.

I've Disabled AdBlock