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Old 07-16-2006, 11:50 AM   #9 (permalink)
brian moon
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Join Date: May 2005
Location: Bloomfield Township, Mich
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Quote:
Originally Posted by Alex Yates
All of this is fine and dandy, but the most important ingredient is to make sure there is documented income generated by this business.

When I entered grad school, I had reportable income from freelancing the previous years. Since Eastman billed our tuition and our applied lessons separately, I was able to write off thousands of dollars in applied fees for each semester. That came to a pretty hefty total, so I was happy about that.
Good point Alex. No income no business. It's propbably not a good idea to start your first year with a $10,000 loss. That is asking for trouble.
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