Q:

Subject: Business Startup Questions

 

To the TaxGuru~

 

 Hello! Somehow in a random search for relevant tax based website information I stumbled across your site. First let me introduce myself. Im 27 y/o and in the process of forming a corporation that provides auction & import services. I am somewhat business savvy, but when it comes to tax - its over my head! And of course my funds are meager to begin with. So my questions are below....

1 Do you provide tax help for povery stricken student ha.

2. Do you know of any non profit orgs that will answer your tax questions for a small fee.

 

3. What is the process for taking the home based office deduction? I have the form i just dont know how i would lease an apartment upfront. 

I imagine thats what i would have to do? Then from what i understand(let me know if this is wrong). You *rent* the office to the corporation which you keep the money from and the corporation deducts the office costs as a business expense?  I would be utterly grateful if someone could walk me through this process there is so much i dont understand about this. I need to start this business away from the stress of my home situation. But i cant afford an apartment unless i can qualify for the office deduction.

 

Kerry any advice you can give me is respectfully appreciated.

 

Seasons Greetings!

A:

While this may sound harsh and self-serving, tax and accounting advice isn't the place where you want to cut corners.  Nowhere is the "you get what you pay for" maxim more appropriate than in this area.

There are far too many options to consider and possible scenarios that can be used to achieve your goals for me to even begin giving you specific advice via this medium.

You will need to work directly with an experienced tax pro who can analyze your unique circumstances. I wish I could help; but I already have too many clients to take care of properly; so we are still trimming back on the difficult clients and are not accepting any new ones at this time. 

Unfortunately, we don't have anyone specific to whom we could refer you. I did recently post some names and links for some like-minded tax pros around the country.

If you haven't already done so, you should check out my tips on how to select the right tax preparer for you.

I wish I could be of more assistance; and I wish you the best of luck.  

Kerry Kerstetter

 

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 12/16/2006 05:18:00 PM Send this post: