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Old 01-05-2007, 07:46 AM
Daylily Daylily is offline
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Default Re: Need Home Business Tax Tips

I have to agree on the suggestion of seeing a professional. DH is self employed and we take the deduction for the home office, mileage on the car, etc. We spend about $300-330 a year to have our tax return prepared and it is worth every penny. I would have no idea how to fill out those forms. Plus there is the whole issue of paying the full social security payment.

I get confused as to whether an expense related to the house can be classified as an expense or whether we have to classify it as an asset and depreciate it. Same goes with office supplies.

Definitely see a professional for a couple of years and then if you get the hang of it you can do it yourself in later years.
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