Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 02-04-2009, 10:08 AM
Junior Member
 
Join Date: Feb 2009
Posts: 1
Franchise Fees and Closing Business

I owned a franchise for just less than a year and closed it down. I amortized the initial franchise fee over 15 years for the portion of 2007 that the business was running. Now that it is closed, can I take the remainder of the franchise fee for 2008 as a deduction rather than continuing the amortization schedule? How do I do that?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Franchise fee hollisdaniel Itemized Deductions 1 02-17-2008 11:42 AM
What closing costs can I deduct from a purchase of a rental property? katlee Rental Real-Estate 1 02-11-2008 04:50 PM
How does one write-off the initial "Franchise Fees"? TaxGuru Depreciation 0 05-14-2007 07:18 PM
What the minimum LLC filing fees for PA State? avatech Limited Liability Company 0 03-11-2007 03:42 PM
Filing fees for a New Jersey LLC vs an NJ S corporation? Leah Limited Liability Company 0 01-25-2007 09:51 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.