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Home > Business & Careers > Home-Based Business   »   Expense Claim on 2007 Taxes

 
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Old Jan 3, 2008, 11:10 AM
MDStudio_08
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Expense Claim on 2007 Taxes

So, I have started my own Avon business with hopes of having a much bigger business of my very own in the future. It's tax season, as we all know, and I am trying to figure out how to handle claiming my Avon and home office expenses. I am not sure that Avon will send me a 1099 b/c I didn't sell the minimum amount required to receive one, but I do know that I have put out more than I've made of course, that's just to be expected at start-up. How do I claim all the right expenses and how can I do it without a 1099?
Does inventory count and should I figure in my profits?

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Old Jan 3, 2008, 11:28 AM   #2  
ScottGem
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I would be very cautious about claiming a home office deduction. It generally is not worth it.

You should be keeping good records, of your expenses and sales. You can enter all the info on your Schedule C.
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