If you’ve recently started a business – or are thinking about starting a business — you should know that as an owner, all eligible costs incurred before beginning to operate the business are treated as capital expenditures. As such, they are part of the cost basis for the business.
More than half of all businesses today are home-based. Every day, people are striking out and achieving economic and creative independence by turning their skills into dollars. Garages, basements, and attics are being transformed into the corporate headquarters of the newest entrepreneurs – home-based business people.
And, with technological advances in smartphones, tablets, and iPads as well as rising demand for “service-oriented” businesses, the opportunities seem to be endless.
There’s a provision in the Tax Cuts and Jobs Act (TCJA) tax reform that hurts business start-ups and struggling business owners. And no one is really talking about it. This rule prevents you, the business owner, from using all your …