taxcurious
Member
What is the name of your state?CO.
I am going into business as a self-employed independent contractor. My first job is scheduled in January so I will not see any revenue until after the first of the year. However, I have spent money in 2004 setting up my home office, bought supplies, etc., etc. Am I precluded from filing Schedule C and expensing these items in 2004 if I have no revenue for my business in 2004? Can I purchase a computer for my business in 2004 and deduct it as a Section 179 asset in 2004? Please advise.
I am going into business as a self-employed independent contractor. My first job is scheduled in January so I will not see any revenue until after the first of the year. However, I have spent money in 2004 setting up my home office, bought supplies, etc., etc. Am I precluded from filing Schedule C and expensing these items in 2004 if I have no revenue for my business in 2004? Can I purchase a computer for my business in 2004 and deduct it as a Section 179 asset in 2004? Please advise.