Ask Me Help Desk

Ask Me Help Desk (https://www.askmehelpdesk.com/forum.php)
-   Home-Based Business (https://www.askmehelpdesk.com/forumdisplay.php?f=155)
-   -   Expense Claim on 2007 Taxes (https://www.askmehelpdesk.com/showthread.php?t=168407)

  • Jan 3, 2008, 01:10 PM
    MDStudio_08
    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 because 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?
  • Jan 3, 2008, 01:28 PM
    ScottGem
    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.

  • All times are GMT -7. The time now is 07:45 PM.