Home-based business, teach me

[FerrariEnzo]

I understand that you need to keep and organized work-specific receipts vs homes use..

When you first start off, there will be lots of charges and prolly in the first year very little to next to no profit, depending on what field you go into.

My question is, is there a minimum amount of incoming money to be able to start the tax write-off?? or every year if your company is in the red, you can still write-off but only a little bit vs if you make lots of profit you can write-off more?

Is there a limit of how much/many items you can write-off per year?

[waddy41]

why do we have to teach you? can you teach yourself? how are you going to start a business without doing any research on your own?

Reporting your business income and expenses

There is no minimum income or loss. It is what it is.
With your expenses in the current year, you can write them off until the net income is $0. Then, with the loss you can carry it back 3 years, or forward 20 years. This loss can only be written off against your business income, not your employment or investment (capital) income.

Line 252 - Non-capital losses of other years