Re: Managing a developing, young business
The first piece of advice should most certainly no be shared publicly if you follow it. That's a crime and could land you in jail.
If you had expensed the gear, even as a hobby initially, you cannot expense it again. When the depreciation starts depends on many variables, so that should not be taken as blanket advice.
Be careful about what you write off. A boat with the business name on it as a listed expense will likely get you flagged for an audit. No, that would NOT be a legitimate expense unless you exclusively use that boat to take clients out for meetings. The cost of the decal could be listed as an expense.
Clothing, if not a company uniform is not able to be listed as an expense.
