Pam Newman is a Certified Management Accountant, author and Certified QuickBooks ProAdvisor for Financial and Point-of-Sale software. She is also president of RPPC, Inc., which provides customized business development services.
How do I claim cash purchases on my business taxes?
I just started my welding business in January 2007 and paid cash for all of my equipment. I'm not sure how to claim this. I haven't taken in any revenue on this business yet, and am still in the set up process.