Hi, I just started a small based business yesterday and I wanted to know what I can write off?

For example, I rent, I don't own, so I can't right off a mortgage, but I plan to use part of my room for office space. Also, I go out to eat alot, so I was going to write a review on the restaurants and movies that I see. So, can I write that off? Is it even worth it? Please, help! Thanks :)

i dont mean to sound off, but this is something that should have been researched long before you should have considered starting a business

See an Accountant.....He/She will have ways around the questions you just asked!

Can write off (Above the line adjustments) any business expenses. Keep all your receipts, ull probably need to prove it. Pro rate house/office space, meals and entertainment 50% , ect ect. Theres tons of things u can write off. Go get a tax book and youll have all the 2007 business adjustments and the correct percentages. Its definitely worth it. gotta be full timer.

When you have an established business, you can write-off anything that is a legitimate business related expense, i.e.

- any space that is used exclusively for that business (meaning if you only use 45% then you can only expense that portion)

- the key work here is 'exclusively business related' (you can't deduct a computer that you'll be using for personal use, and only once in a while for business), as you know in business you'll incur various costs e.g. rent space, business machines, various costs that are needed to generate revenue for your business (you have to prove that these expenses were necessary in order to generate revenue (sell goods/services) for your business
- check out the library they have books that can put you up to speed, check out books for entrepreneurs, you'll learn what you need to watch out for, taxes, liabilities, etc

And, as far as is it worth it? well you'll need to calculate how much of a profit your business could bring in (will your revenue be greater than your expenses? if so you'll have a profit, but check if it's an amount you'll be happy with)