We have no need for a physical business address but all of the state forms seem to need one. We are concerned about using a rented apartment and a parents’ physical address (where we work from) for liability reasons. (Neither will be used as tax deduction). The primary purpose of registering is to be able to open a small business bank account.

Last semester I took a real estate class at the local college and the teacher discussed some people buying real estate as an investment and for a tax deduction. I run a small business unrelated to real estate but recently purchased a K home as a project/fixer-upper. I am unsure whether I will live in it after it is done or sell it. I currently live with my parents. Both the home and I are in Illinois and I paid cash for the house.

I run a lawn service out of my parents garage right now. I am making very good money and do like to claim it on my income takes as "other" or Schedule C. (its taxed @ 15%)

Recently I purchased several pieces of expensive equipment but I have not yet filed for a Tax ID # nor have I made the business an official corporation. Can I claim the purchases on my 2007 tax forms as deductions? I would like to claim full revenues and recieve a tax break from expenditures.

How would I go about this?

Here’s a breakdown of my life and expenses:

1. I run a freelance business repairing computers and Installing audio systems (only made 0… dead serious)
2. Live with my parents in california
3. work at t-mobile selling phones (hourly+commission)
4. I do not have kids
5. I am a student

I know my personal deductions are limited aside from business expenses, but I would like to know what options I do have. Any help will be greatly appreciated.

I run a lawn service out of my parents garage right now. I am making very good money and do like to claim it on my income takes as "other" or Schedule C. (its taxed @ 15%)

Recently I purchased several pieces of expensive equipment but I have not yet filed for a Tax ID # nor have I made the business an official corporation. Can I claim the purchases on my 2007 tax forms as deductions? I would like to claim full revenues and recieve a tax break from expenditures.

How would I go about this?

I am fifteen years old and have a job at a local retirement home. I receive minmum wage, just started working, and work only 3-4 days a week for 4 hours. Do my parents lose tax deductions because of me working?? Because they believe so and want me to quit

My parents are claiming me as a dependent on their taxes. I made a monthly tax deductible cash contribution to a charity. I was wondering if I could itemize the deductions, or if my parents could since they claim me.