One Business or Two? – TaxMama.com
March 6th, 2011 Filed under: New Business Loans — Small Home Business Author
www.TaxMama.com Today TaxMama hears from Paula in the TaxQuips Forum, who has a question. “We have one “established” business that has been in operation since 2005. In 2010 we started a new business (another S Corp) and our first business funded the start up fees and expenses for the new business in 2010. The new business has not to date made a profit and has not paid anything back to the first business. The first business has made a profit in 2010, and we are now wondering if we can use the expenses that Company A paid for on their tax return.” Read the answer at www.TaxMama.com Image Credit: www.flickr.com
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