Re: Starting a home business question.
I think a real key here is not LOSING money on the home-based business. You have to be really careful about that. Example: My husband and I started a home-based business and ended up losing money on it (big money). Sure, we can deduct what we spent on the business, but we're still going to be in the hole, rather than having it help us.
Watch what you spend on the business itself. The less you have to put in to start, the better. If you're good at whatever business it is you start, and you can make a little money off of it, you'll certainly do better at tax time!
-Jean
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