new business

[Black Bart]

...leaves me wondering if it would behoove him/us to try to get 'open for business' before year end. (And i do NOT mean that i would suggest he do anything unethical -- NOT worth it...)

I'd also lean toward goin' in business now, but I absolutely agree with that last part 'cause around here they give you "life without" for unethically rushin' things up in that type of business.

Okay, okay -- I'm tryin' to quit...

Originally Posted by tacks
But i've read that a schedule C showing expense with no revenue can be a flag...your thoughts...?

Although I always worry about these, I've filed maybe a dozen over the years and never had an audit on them yet. About half were new businesses and that's what the wording ("If you started or acquired this business during 2009, check here) for the checkbox on line H of Schedule C is good for -- saying this isn't a normal/full year and that sales/COGS/profit/loss/whatever are out of whack this first time and please don't audit me.

On those that were not first-year (such as closed businesses still paying interest on a business note), I worried even more. Still, nothing ever came of those either.

[JohnH]

Yes, it is hard to resist the urge.
I sold cemetery property when I was a college student.
The only business I ever knew of that you had to go in the hole to make a profit.

[tacks]

Wow!

Well when i meet this guy I certainly wont feel as if i'm lacking insight in to his situation. Not like i'll be unsrure of myself.

Thank you all.

Anytime you want to tell me a joke, i'm all ears. No complaints will come from me.


[EDIT: i wonder if i'll live to regret that last statement. Oh well.]