Sunday, August 2, 2009

Can I include business expense deduction from 2007 to next year's tax filing?

In 2006, I paid registration fees and license fee for my side business - electronic shopping . I did not do Schedule C when I filed my TAX 2007 because the expense amount was just $700. If I file my tax next year 2008, can I still include the $700 as expenses on my Sched C?

Can I include business expense deduction from 2007 to next year's tax filing?
No, I believe you can only deduct them, the year that you paid them!


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