Read Millionaire Fastlane
- Jul 25, 2007
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.