I have an at home based business. that actually provides a beauty service. I sell no product. But I have a designated room in my home for this. i dont have a corp or llc or s corp. i just work from home doing my service., to be more specific i do eyebrow threading. its an alyernative to facial waxing. I want to know whats the best way to take advantage of deduction with this type of business. I also get alot of payment thru cash. si what should i do before tax time to get the greatest return and avoid red flags and audits.
I dont own my home i rent, i have a designated room for this purpose, & I am not in india i am in the US. usually my husband and i do joint filling with him as the sole bread winner, Iam stay at home mom. But I started this, side work and it has turned out very well for me. so hearing about all the benifits of home based business, i wanted to see what i could do. would selling product be a way to legitmize my earnnings

I am a new landlord. I just bought a condo unit 3 months ago, had it renovated and rented it out.

I will be doing my taxes as a landlord for the first time this year.

I want to FULLY take advantage of all the tax deduction incentives that I have as a landlord. I want to deduct anything and everything i possibly can relating to my landlording business from my taxes.

Of course, I want to do all this WITHOUT raising red flags to Uncle Sam and getting audited by the i.r.s..

Could any experienced landlord out there offer me some tips on how i can fully maximize the tax benefits without getting into tax related trouble.?

If you’ve ever gotten into trouble with the i.r.s. while landlording , please share your story so i can learn from it.

thank you

I am a new landlord. I just bought a condo unit 3 months ago, had it renovated and rented it out.

I will be doing my taxes as a landlord for the first time this year.

I want to FULLY take advantage of all the tax deduction incentives that I have as a landlord. I want to deduct anything and everything i possibly can relating to my landlording business from my taxes.

Of course, I want to do all this WITHOUT raising red flags to Uncle Sam and getting audited by the i.r.s..

Could any experienced landlord out there offer me some tips on how i can fully maximize the tax benefits without getting into tax related trouble.?

If you’ve ever gotten into trouble with the i.r.s. while landlording , please share your story so i can learn from it.

thanks

I am a new landlord. I just bought a condo unit 3 months ago, had it renovated and rented it out.

I will be doing my taxes as a landlord for the first time this year.

I want to FULLY take advantage of all the tax deduction incentives that I have as a landlord. I want to deduct anything and everything i possibly can relating to my landlording business from my taxes.

Of course, I want to do all this WITHOUT raising red flags to Uncle Sam and getting audited by the i.r.s..

Could any experienced landlord out there offer me some tips on how i can fully maximize the tax benefits without getting into tax related trouble.?

If you’ve ever gotten into trouble with the i.r.s. while landlording , please share your story so i can learn from it.

thank you

I am a new landlord. I just bought a condo unit 3 months ago, had it renovated and rented it out.

I will be doing my taxes as a landlord for the first time this year.

I want to FULLY take advantage of all the tax deduction incentives that I have as a landlord. I want to deduct anything and everything i possibly can relating to my landlording business from my taxes.

Of course, I want to do all this WITHOUT raising red flags to Uncle Sam and getting audited by the i.r.s..

Could any experienced landlord out there offer me some tips on how i can fully maximize the tax benefits without getting into tax related trouble.?

If you’ve ever gotten into trouble with the i.r.s. while landlording , please share your story so i can learn from it.

thank you

I am self employed, While trying to find receipts and things for utility bills and other receipts, I found deductions that I forgot to report. I also reported "MORE" income then I actually made.(Yes, I actually said I made more money than I really did) I am a horrible book keeper and should never do my own tax returns, I did use Turbo Tax.

Anyway, going over things, I discovered that pretty much the whole return was done wrong. I tried not to deduct to much because I didn’t want to throw up red flags, So I actually stopped looking for more deductions. I was actually trying to avoid showing a loss on my 1040 schedule C , Not good when you are trying to buy stuff on credit when you are self employed. But anyway, I still get this face to face examination letter questioning deductions I did take. I can’t find the receipts for some of this stuff. I do have receipts for allot of the deductions I am entitled too, but didn’t report. I am seriously stressed out and I really want to correct this 2008 return before the examination if possible. Can I do it? Anybody know? Should I just take the receipts for deduction I didn’t take? I don’t really care about a refund, I just don’t want the IRS to throw me in jail and take my business and my house!!

Help!

`Bob from Baltimore
I can’t find receipts for some of the items in question. I did pay by check and some things I paid online. Will the transactions that shows up in my bank statements serve as a receipt for the items I am being asked for?

I have an at home based business. that actually provides a beauty service. I sell no product. But I have a designated room in my home for this. i dont have a corp or llc or s corp. i just work from home doing my service., to be more specific i do eyebrow threading. its an alyernative to facial waxing. I want to know whats the best way to take advantage of deduction with this type of business. I also get alot of payment thru cash. si what should i do before tax time to get the greatest return and avoid red flags and audits.
I dont own my home i rent, i have a designated room for this purpose, & I am not in india i am in the US. usually my husband and i do joint filling with him as the sole bread winner, Iam stay at home mom. But I started this, side work and it has turned out very well for me. so hearing about all the benifits of home based business, i wanted to see what i could do. would selling product be a way to solidfy my earnings???

I have an at home based business. that actually provides a beauty service. I sell no product. But I have a designated room in my home for this. i dont have a corp or llc or s corp. i just work from home doing my service., to be more specific i do eyebrow threading. its an alyernative to facial waxing. I want to know whats the best way to take advantage of deduction with this type of business. I also get alot of payment thru cash. si what should i do before tax time to get the greatest return and avoid red flags and audits.
I dont own my home i rent, i have a designated room for this purpose, & I am not in india i am in the US. usually my husband and i do joint filling with him as the sole bread winner, Iam stay at home mom. But I started this, side work and it has turned out very well for me. so hearing about all the benifits of home based business, i wanted to see what i could do. would selling product be a way to legitmize my earnnings

If an LLC is out, what is my best business strategy to self-direct an IRA? I’ve heard from many that just running the business as a sole proprietorship runs up red flags to the IRS and my deductions are limited. Hard to deduct home office, etc.