Today TaxMama hears from Mike in Texas with this question.
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“I use a DBA company to do some Internet marketing. I made $600 and I spent $2,100 in advertising and subscriptions. What all am I able to write off with my DBA and what form do I put it on?
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”
Dear Mike,
The short answer is – use Schedule C to report the income and expenses.
https://www.irs.gov/pub/irs-pdf/f1040sc.pdf
To elaborate… If all the expenses you plan to deduct are as straightforward as advertising and subscriptions, those will stand up to scrutiny.
Remember, though, you have an office in home and a variety of other expenses that might be legitimately deductible.
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Before you use them, though, be sure you’ve thought through your business plan. You need to plan out where your is coming from, and when, to ensure this business makes a profit sometime soon. (Chapter 2 of Small Business Taxes Made Easy https://www.
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taxmama.com/AskTaxMama/book/ )
Since it’s a new business, you might even consider using the special provision to write off up to $5,000 worth of start-up costs. https://www.taxquips.com/index.php?id=255
Good luck. I hope you prosper.
And remember, you can find answers to all kinds of questions about Internet businesses and other tax issues, free. Where? Where else? At TaxMama.com
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