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Old 11-20-2004, 06:52 PM
terry1156 terry1156 is offline
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Default Re: just stared a business...need help

I'm not a tax expert, but I do have my own business that I run from my home and have done so for the last 10 years or so.

If there is some way you can seperate your desk are from the rest of your room, you can deduct a lot more. The IRS says it has to be a seperate area used exclusively for the business. If you could hang curtains around or some other type of barier. Then you measure that space and find out what % it is of the entire trailer. Then all the expenses you have for your home can be deducted by that % (gas, water, electricity, etc). This can be important because if your business isn't earning enough, you can still deduct these from the child support you're receiving so that you don't have to pay so much in taxes on it. My guess would be that if you did this, you would pay less than the 20% that you are putting aside for taxes.

I would agree with crosses. You might want to think about charging a small fee for the work you are doing since this will help your bottom line.
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