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JNeuschafer
01-21-2016, 10:22 AM
My husband and I are interested in starting a business in a year if after researching and asking a multitude of questions we feel it is the right path for us. For clarification, we are interested in opening a brewery eventually. Right now we are complete novice at the the process and learning the ways of making a home brew to establish some original beers. My question is...if we begin to buy all the needed equipment for producing this beer while in the research and development stages, are we able to use this as a tax write off? Would we have to have the so called "company" established before we could claim taxes? Or do we have to be turning a profit before this could happen? Doing minimal research myself within the Indiana Secretary of State website, I believe I see that if you classify your business as a sole proprietorship or a partnership you do not have to register with the state? Is that true? Also, am I reading it correctly that these types of legal entities do not need to register a company name? A fish out of water looking for clarity!

Thank you in advance for any replies!

tonyander
04-25-2018, 07:51 PM
I'm not an accountant, you really should ask one!

But, I do know that in order to write off business expenses, you have to have a business. That business doesn't have to necessarily have revenue or profits immediately, but there has to be some sort of a business. A sole proprietorship is an easy way to start, then move up the ladder as you grow. I DO believe there is a requirement to turn a profit 2 out of 5 years somewhere down the line (IRS rule). That may have changed since I last looked.

Good luck! I'm looking to buy a brewery. There aren't many of those for sale! :)

asif bams
12-31-2018, 12:07 AM
Establish and define the client-advisor relationship. ...
Gather information, discuss goals and objectives. ...
Analyze your overall financial situation. ...
Discuss the plan with your MD Advisor. ...
Put your plan into action. ...
Monitor your plan

asif bams
12-31-2018, 12:07 AM
Establish and define the client-advisor relationship. ...
Gather information, discuss goals and objectives. ...
Analyze your overall financial situation. ...

asif bams
12-31-2018, 12:08 AM
Establish and define the client-advisor relationship. ...
Gather information, discuss goals and objectives. ...
Analyze your overall financial situation. ...

speeduser
12-30-2020, 04:38 AM
The intangibles will surely be very important at this stage. You need to build momentum and this will help you a lot. - Steven C Wyer (https://www.discogs.com/artist/3078023-Steve-Wyer)

raviseo121
12-31-2020, 11:09 AM
thanks for sharing with us

raviseo120
01-09-2021, 11:16 AM
Thanks for sharing with us

Nags
06-26-2021, 10:51 AM
But, I do know that in order to write off business expenses, you have to have a business. That business doesn't have to necessarily have revenue or profits immediately, but there has to be some sort of a business. A sole proprietorship is an easy way to start, then move up the ladder as you grow. I DO believe there is a requirement to turn a profit 2 out of 5 years somewhere down the line (IRS rule). That may have changed since I last looked.

Bigil
07-06-2021, 12:37 PM
Thanks for sharing with us

Nags
07-16-2021, 10:04 AM
That business doesn't have to necessarily have revenue or profits immediately, but there has to be some sort of a business. A sole proprietorship is an easy way to start, then move up the ladder as you grow.