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rothchristian asked:


I am looking into setting up a home based Business as a part time thing. I have a day job and I would like to do this music endeavor on the side. I want this to be legitimate but I know I will be making very little money and writing off a lot in tax deductions. Does anyone have experience in with this type of scenario? Is there a reasonable expectation that IRS has around how much revenue needs to come in for how much you are writing off? I don’t want the Business to appear fraudulent although I have more to gain from a tax deduction basis.

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moneyreligion asked:


Does a business, home-based or not, need to have any sort of income to get the tax deduction advantages?

Help me be less accounting challenged.

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