Video: Tax Tips for Home Business Owners

This Season: Tailgating; New Year, New You; Tax Time

Learn tax tips for home business owners with expert tax advice in this free online self employment tax deduction video clip.

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Video Transcript

Hi, I’m Tom Choisnet, enrolled agent and in this particular segment we are going to talk about at home business. That has always been a popular subject for taxes. The at home business, most of what we see is multi-level marketing ideas and most of those by themselves are valid at home businesses, particularly if the principle place of work for that business is properly set aside in your home. We use schedule C for this purpose and also you will need to be documenting the use of your car and any travel expenses you might have regarding the program. I might caution you here to not be too aggressive here, you will find that for most of the multi level marketing programs your expenses will probably equal your income, so what money you do get out of it will wind up being tax free. Don’t try to take huge losses unless you have extremely good records because the IRS does look out for this particular area. So I hope I helped you a little bit about your at home businesses and understanding the direction that you want to take. I’m Tom Choisnet, thank you.

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Tax Tips for Home Business Owners

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