Comments on: Fix The Tax Code Friday: Standard Deduction for Self-Employed

By: Forget Franchising… Become a College Football Coach! at PIGASYS

Forget Franchising… Become a College Football Coach! at PIGASYS — Thu, 29 Nov 2007 22:35:28 +0000

[...] Fix The Tax Code Friday: Standard Deduction for Self-Employed [...]

By: Forget Franchising… Become a College Football Coach!

Forget Franchising… Become a College Football Coach! — Thu, 29 Nov 2007 22:29:19 +0000

[...] Fix The Tax Code Friday: Standard Deduction for Self-Employed [...]

By: Tax Geek

Tax Geek — Mon, 01 Oct 2007 03:49:55 +0000

No.

Anyone capable of receiving self-employment income should be capable of tracking their expenses related to that income.

By: FC

FC — Sun, 30 Sep 2007 19:49:21 +0000

Hi, just stumbled upon your site. Nice advice. I am planning on starting a blog that will show food, nightclubs, and concert reviews. I plan to make the money advertising on the site. Now, since I will be a critic (I also plan to recruit my friends to become subcontractors), will I be able to deduct the food, as well as transportation to the restaurants? Same with the concerts, will I be able to deduct concert fees, like the ticket and parking? And lastly, this looks more like a hobby because I have a full time corporate job and because I can go to limited venues and restaurants per week. Will I be considered going into a for-profit business based on the fact that I am truly planning on making money through advertising via pay-per-click ads?
Thanks,
FC

By: More About Tax Deductions for Home Business Owners

More About Tax Deductions for Home Business Owners — Sat, 29 Sep 2007 01:09:31 +0000

[...] Should there be a separate Standard Deduction alternative for self-employed persons? [...]

By: Mary Emma Allen

Mary Emma Allen — Sat, 29 Sep 2007 00:34:03 +0000

This is interesting to ponder on, Kelly. It can get rather complicated the way it exists.

By: Kelly

Kelly — Fri, 28 Sep 2007 17:14:40 +0000

If you’re filing a Schedule C (meaning that you’re treating blogging as a business), then you could take the deductions there at Part II. Otherwise, if you’re treating it as a hobby, you would include the income as “other income” and then you would include the deductions as Miscellaneous income at Schedule A (in 2006, it was line 22).

The stinky part is that you can only claim the deductions at Schedule A if you itemize – and even then, there are limitations. If you’re serious about your blogging, consider treating it as a business.

For more info on the hobby/business distinction visit http://www.taxgirl.com/ask-the-taxgirl-deductions/

By: Jeff B

Jeff B — Fri, 28 Sep 2007 16:13:53 +0000

Hello a new reader of your blog from ProBlogger. One problem I have is knowing what things go into what tax-deduction category. Like paper clips, domain hosting, software things like that. I is there a place that list these types of things?

I find the IRS forms don’t cover it all as ususal.

Thanks

Jeff B
http://www.fam5.com