Nows the time to Start a Home based Business

moopoo55 asked:


Let’s say that I’ve calculated most of the 2003 year and have concluded that I didn’t owe any taxes for 2003 and 2004 but instead am due a refund.

I’m working to get a good accountant but find that most don’t know about tax shelters, estates, or any of the small business (home based) irs laws.

Please, this is serious. Don’t respond if you don’t have a quality answer for me.

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rothchristian asked:


I am looking into setting up a home based Business as a part time thing. I have a day job and I would like to do this music endeavor on the side. I want this to be legitimate but I know I will be making very little money and writing off a lot in tax deductions. Does anyone have experience in with this type of scenario? Is there a reasonable expectation that IRS has around how much revenue needs to come in for how much you are writing off? I don’t want the Business to appear fraudulent although I have more to gain from a tax deduction basis.

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Ann N asked:


I have an accounting degree, specifically in taxes and looking for a home based business that fits my back ground. Any ideas?

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mwright555 asked:


I under withheld in my regular full time job and owe alot in taxes…i have a part time home based business that i spent alot more on than i made, can i use deductions to offset the revenue as well as lower my gross income from my regular job? I read u can only use the deductions up to whatever the revenue was for the home based business?

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Eric M asked:


I’ve been writing off my home based business for the last few years. If I stop using that portion of my home solely for my business, how do I indicate that on my taxes?

Additionally, does anyone know of any resources that indicate what the implications are of stopping a home based business write-off?

I see lots of information on how/what to write-off for a home based business, but can’t seem to find anything on what to do when that ends.

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Mexempt asked:


I have a home based business and two full time jobs. Someone told me I should claim 9 exemptions on my W4’s for my jobs, because I have a business. Is this legal? If so what kind of exemptions could I claim?

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