Tax Deductibles Questions For Unregistered Business
(British Columbia, Canada)
Hi! I love your site - very informative. Thank you!
My questions are:
I have a business that is a bit of a mish mash of different things, among them fine art, business consulting (just started) and farming - egg sales at this point. :) I am registering my business now because I've just added the consulting services.
Question 1: I have been selling eggs since September (but started raising them last April). Can I deduct their production costs from last April - even though I didn't sell anything until September (i.e., chick purchase costs, feed, electricity used)?
Question 2: As well, I got a domain name and set up a website and hosting, etc., for the consulting in December. And I also had a website and hosting for my artwork since last year - but I haven't sold anything except window painting services. Are the website hosting expenses, supplies, etc., tax deductible (as an unregistered business)?
Are any of these tax deductions allowed to create a loss for 2010? Except for the home expenses - which I read on your site are not allowed to create a loss.
Question 3: As well, when registering my business now... I am not clear as to what I should put for a start date! Would I register the business as starting last April? Or September? December? Or should I just start it now, and have any allowable deductions be allocated to the unregistered business?
Any suggestions would be appreciated :)
Thank you!