Unregistered Business Income Tax Deduction Question

(British Columbia, Canada)

Business Income Tax Deduction

Business Income Tax Deduction

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!

Click here to post comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Income Tax Deductions Questions.

Please subscribe to my monthly newsletter, Bookkeeping Basics E-zine. It tells you every month about the new information that I have added, including some great tips and advice from myself and other Bookkeeping Basics readers.

Enter Your E-mail Address
Enter Your First Name (optional)

Don't worry — your e-mail address is totally secure.
I promise to use it only to send you Bookkeeping Basics E-Zine.

Like Bookkeeping-Basics.net?