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.

I under withheld in my regular full time job and owe alot in taxes…i have a part time home based business that i spent alot more on than i made, can i use deductions to offset the revenue as well as lower my gross income from my regular job? I read u can only use the deductions up to whatever the revenue was for the home based business?

I don’t know too much about taxes, but I’m doing mine right now with turbotax, and I owe quite a bit. Someone once told me that if you have a business license, you can qualify for much larger tax cuts. I haven’t really had much active business activity, but I do have a license.

I heard that since I do own a work at home business, I can take the money I pay for rent every month and claim that as a business expense, since this is where the business is located. Or something like that.

Can someone explain this to me better, or give me ideas of other deductions I would qualify for being I own a home based business (even though I haven’t had much business activity)?

I live in washington
As an added portion of my question…Since I am running close to the deadline, if I file my taxes now to beat the deadline. But I don’t claim all necessary deductions, is it possible to re-file, or else have a professional re-file to get some of that money back?

Also, the first person said tax software isn’t current, well I’m using turbotax online. Is that outdated also? Am I missing out on other deductions?

I want to join a home based business like Amway or something. Is it true that I will get more money from my job because of a change in my tax deductions? If this is true – what information will i need to give my job.(HR)

I have a home based business. Let’s say that I purchase a computer that is needed for the business. I know that this is considered a business expense and is tax deductible. Do I need a certain amount before they can be taken off taxes? For instance I know you have to have a certain amount of medical expenses before you can deduct them. Is it the same for business expenses?