Ask Experts Questions for FREE Help !
Ask
    MDStudio_08's Avatar
    MDStudio_08 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jan 3, 2008, 01:10 PM
    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?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Jan 3, 2008, 01:28 PM
    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.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Can F1 students claim higher education expense [ 5 Answers ]

Hi I am a F1 student from India. I would like to know if I can use the 1098T to claim for Hope or Lifetime Learning credits. Thanks Joe

When should I apply for medicare and Social security taxes of 2007 [ 1 Answers ]

Hi Atlanta Tax Expert; I am working on opt and as a lot of people my employer withheld ss and medicare taxes. Recently they learned tax laws that and corrected this. My questions are, 1) When should I apply for 2007 Medicare and ss taxes. I know how to apply for 2006 and the required forms...

Estimated Taxes for 2007 [ 3 Answers ]

Hi, How to pay estimated taxes (federal, social security tax, Medicare tax and State tax) for year 2007. I see estimated tax calculation details on IRS site and is it includes only federal tax only or social security and Medicare taxes also. How to pay estimated tax for state. Thanks in...

What do I claim on my 2007 W-4? [ 1 Answers ]

Hello, I'm a single home owner in Baltimore, MD. I will make $55k this year with salaries and bonuses. I made $47k last year as stated on my W-2. I received back approximately $2,200 from Federal and $640 from the State. I claimed single and 1 in both categories I want to elect exemptions...

Do I have to claim 401K on my taxes? [ 4 Answers ]

I started my 401K plan in Oct of 2005. Do you have to claim 401K information on your taxes? When I called Schwabb the other day to increase my contributions a recording noted that the 2006 tax forms would be mailed out on Jan 31st. I'm just confused because I didn't get anything in the mail in...

View more questions Search