Change business during year and training expense deduction.?

Change business during year and training expense deduction.?


I moved from a home business with a county license changed my name and moved into an office with a city license in oct. 2006.


Do I need do a 1040 scedual c for both or just one? Also I paid for some training, is this a business expense and what company do I credit it too?





Shane

Change business during year and training expense deduction.?
One Schedule C sounds fine unless there is a good reason to do two - like a city tax on one portion which is pretty rare. Education expenses for Schedule C are allowed.
Reply:You only need to file one Schedule C for the year since it was one business. Just because you changed addresses for the business does not mean that it is a separate business.





Requiring two Schedule C's would be like saying you have to file two 1040's for your individual taxes if you moved partway through the year.





The money you paid for training can be deducted as an education expense related to the business.