2007

Business Start-Up Costs

Business start-up costs are the expenses you incur before you actually begin business operations. Your business start-up costs will depend on the type of business you are starting. They may include costs for advertising, travel, surveys, and training. These costs are generally capital expenses.

Car and Truck Expenses

If you use your car or truck in your business, you can deduct the costs of operating and maintaining it. You generally can deduct either your actual expenses or the standard mileage rate.

Business Use of Your Home

To deduct expenses related to the business use of part of your home, you must meet specific requirements. Even then, your deduction may be limited.

Tax Year

Record Keeping, continued

How long should I keep employment tax records?

Keep all records of employment taxes for at least four years. These should be available for IRS review. Records should include:

Record Keeping

Kind of Records to Keep, continued

Recordkeeping

Starting a Business, Continued

Business Taxes, continued

Excise Tax

Starting a Business, Continued

Business Taxes

The form of business you operate determines what taxes you must pay and how you pay them. The following are the four general types of business taxes.

Income Tax

Starting a Business, Continued

Selecting a Business Structure

S Corporations