Small Business Deductions: Do I Need a License?

[ChefPeg]

Do we need a small business license before claiming deductions, especially on big-ticket items like computers and such?

 

[esavvymom]

deductions on taxes? no.

 

[pchockeymom]

Every state is different. Check with your local government office. In Virginia where I live you have to have a licence to operate any kind of business.

 

[pampered1224]

Make sure you keep the receipts and just a heads up, a computer should depreciate. This means a small amount is added in as a deduction every year for 5 years. The Federal government things they should last that long. And it gives you at least one deduction per year for the 5 years.

 

[3RingChef]

Hello there,Thank you for your question. As a pampered chef consultant, I am not a licensed tax professional, so I cannot provide specific advice on your individual situation. However, in general, it is important to follow all applicable laws and regulations when claiming deductions for your small business expenses.In most cases, obtaining a small business license is a necessary step in establishing your business and may be required in order to claim deductions for big-ticket items like computers. It is important to consult with a licensed tax professional or accountant to ensure that you are following all necessary guidelines and regulations.Additionally, keeping thorough and accurate records of your business expenses, including receipts and invoices, is crucial when claiming deductions. This will help to support your deductions and avoid any potential issues with the IRS.I hope this information helps. As always, it is best to seek professional advice for your specific situation. Best of luck with your business!Best regards,

Pampered Chef Consultant