Green Options

A new report says that global warming could cost the Californian economy billions of dollars each year, through a combination of rising sea levels, and the increased frequency of wild fires and extreme weather events.

There are many financial benefits of becoming a business, depending on how you structure it. Not only are businesses taxed after their expenses have been deducted, but many legitimate deductions are available to a small business that reduce its reported earnings.

The IRS tax code specifies the following related to business expenses:

IRS Code Section 162(a),Trade or business expenses:
“There shall be allowed as a deduction all the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business.”

IRS Code Section 212, Expenses for production of income:
“In the case of an individual, there shall be allowed as a deduction all the ordinary and necessary expenses paid or incurred during the taxable year.”