i'm planning to purchase a business for 50k before the end of the year (in 2010). i'm planning to open the business and officially begin in jan 2011. i've made 75k w-2 wages in 2009. can i deduct the entire purchase price of the business on sch c and pay taxes on only 25k income? it seems like good tax planning, but almost too good to be true.
sorry, i mean i made 75k w-2 wages in 2010. not 2009
sorry, i mean i made 75k w-2 wages in 2010. not 2009