Taxes

[rustbucket]

I have a question about taxes, but let me give some info. first. I am a one man shop and work out of my house and use a spare room for my office. Do any of you use your office area as a tax break? I was told this can raise a red flag with the IRS. If this is not true then I would like to use this tax break. I appreciate any advice or info.

[coolwhip]

Im the same way. Dont do it!

[andserco]

I work out of my house also,deduct computer,office supplies,etc,etc, everthing but the dwelling. My Tax guy also it could be a "RED FLAG" and the actual tax relief would probably not be worth it and time spent at the IRS...

[rustbucket]

Thanks coolwhip and andserco for the replies, I am trying to find some other tax breaks. It just seems like I have paid alot these past two quarters especially to the Fed, I know some is going for S.S.. I have paid $9600.00 these past two quarters. I try and deduct as much as I can but it is frustrating. Thanks again.

[md master]

I'm a one man shop as well. I claim my office at home and all expenses. In 7yrs I've had no trouble at all. Also now if you sell your house with the new tax laws it won't hinder you.

[Green Mountain]

[QUOTE]Originally posted by rustbucket


All my friends who are self employed take a portion of thier house off on the taxes.

Now what you should do is buy a little shop somewhere and rent it to your business. I own this shop personally. But I rent it to my corporation. If the corporation is doing well then I raise the rent.

Or you could take us all out to lunch and we could talk business.:D

[Edited by benncool on 09-16-2004 at 02:56 PM]