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No. Business expenses can be deducted even with no revenue: milage, business supplies, equipment, lunch about business dealings, etc.
by extantproject 19y ago
No. Business expenses can be deducted even with no revenue: milage, business supplies, equipment, lunch about business dealings, etc.
- kcy 19y agoInteresting. Do you deduct those expenses from future revenues or from your personal income?
- extantproject 19y agoIn the case of a corporation (C-Corporation or S-Corporation) business expenses are paid by the corporation and most are tax deductible on the corporation's tax return. So if a corporation has revenue no taxes are paid on the money used towards deductible business expenses. This is one of the nicest features of corporations because there are so many deductible business expenses.