How do you handle them? Do you handle them?

I truthfully cannot say. We will be going and visiting an accountant this year. We're saving a bit but we'll see how it goes. We're also saving all of our receipts.

I use a tax accountant. It took me awhile to find one who understood direct sales. Every direct sales compny is a little different, as I don't carry inventory but have samples.. etc.. What can be written off and not..

I keep all of my reciepts in a large box and at the end of the yr I do a spead sheet, plus all my miles..

I don't write off my home office either, something about if you sell within so many yrs it can depreciate your house?? not that we are moving, but you never know..

Tax accountant. I do, and always have claimed business use of the home, it cuts my taxes dramatically since 600 sq. feet of my home is for business use only (music studio in walkout basement). It didn't affect the sale of my last home at all, no one even asked about it. Has something changed?

My husband is a tax accountant. Last year we didn't really consider that I would have to pay self-employment tax... oops. This year I am careful to keep better track of babysitting and other expenses, and save receipts. I make pennies compared to my husband, though, so overall we are ok.

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When I was in direct sales, my accountant gave me a list to keep track of everything - if it hadn't been for him I would not have known what was deductible and what wasn't. I even got misinformation from my higher-ups within my company - one of whom ended up getting audited because she didn't claim a lot of income she was supposed to (glad I didn't listen to her advice).

Now that I work for a friend I also got caught not realizing I would end up paying the self-employment tax. My problem is I really don't have many expenses for that job, so I can't even deduct much. The way I look at it, though, is that I end up keeping the same amount from that pay as I do my job for the school system - it's just that I never see the money in my paycheck from the school to begin with. I am just remembering this year that we probably won't have quite as big a refund to count on.

Luckily, my dh is a CPA and does the accounting for my at home work. It can really pay to hire a qualified professional to make sure you're taking all your deductions. Self-employment tax is a KILLER.

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I use tax software. I keep a file for expenses so I can claim deductions too.

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I ork for HR BLock from Jan-Apr every year and from home I do some bookkeepg and quarterly taxes for a few contrctors. So needless to say i do my own. I would suggest using the home office w/o, you can save a lot! just makesure the area is 100% for business use only. I would also reccomend depending on your business and income size reviewing your income and expenses every 1-3 months. This will save you a headache come April 15th...then again this is easier said that done!!

Oh and if you do no have experience in taxes I would get an accountant asap! Do not try to do it yourself, the cost of an accountant is much cheaper than audit or mistake!!

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