Small Business

Some aspects to consider are licenses required, zoning laws and other regulations that vary from state to state and business to business. Depending on the type of business you are running, you may also need establishment licenses, liquor licenses, delivery and or transport licenses. Your local SBA office or chamber of commerce will provide you with general information. You must decide about your form of organization. You must choose to be a sole proprietorship, corporation, s-corporation or partnership. Speak to your local CPA for advice specific to your business and location.

Man should never live by tax deductions alone! While leasing a car for business often results in a larger deduction, leasing does not necessarily make business sense. If you are going to travel an enormous amount of miles during the year(in excess of 15,000 miles/year), or if excessive wear and tear on the vehicle is probable, then do not lease the auto or truck. If you do decide to lease a vehicle given those circumstances, you may be shocked when you go to turn in the vehicle at the end of the lease.

One address is www.kentis.com/acctxpub.html

No. Technically a husband and wife can't jointly own a business as a sole proprietor. They can't split a sole proprietorship and file two Schedule C's and two Schedule SE's. To avoid being classified as a partnership, a husband and wife team operating a business together can treat one spouse as an employee and the other spouse as the owner.

For 2016, the annual benefit cannot exceed the lesser of: 100% of the participant's average compensation for his or her highest 3 consecutive calendar years or $210,000.
For 2014 and 2015, the annual benefit cannot exceed the lesser of: 100% of the participant's average compensation for his or her highest 3 consecutive calendar years or $210,000.
For 2013, the annual benefit cannot exceed the lesser of: 100% of the participant's average compensation for his or her highest 3 consecutive calendar years or $205,000.

No. Farmland is not depreciable. Farm Buildings and machinery used on the farm are depreciable.

Trees and bushes planted on your business property can be depreciated over a 15 year period. Landscapping service expenses can be deducted in the year performed.

The cost of business intangibles such as Goodwill, covenants not to compete amounts, trademarks are amortized over a 15 year period. Most intangible assets are expected to benefit more than one year, so their cost is a capital expenditure under Internal Revenue Code section 167 (depreciation), the primary authority for deducting intangibles.

Property includable in inventory is not depreciable. Beginning and ending and purchased inventory costs are used in your cost of goods sold calculation to determine your gross profit.