Anyone else here.....

[kitten5350]

Hi I was wondering if anyone else here was self employed? And are you haveing a good experiance with it. I am looking or trying to look at all of the pros and cons of self employment. I just recently (a little over a month now) started working for myself and so far i am enjoying it. I am learning whats what with taxes ect. And never dreamed there were so many tax benifits for the self employed. Any way. I would like to know if anyone else here would like to share their experiances and any tips... Thanks in advance!!!

[Shancopp]

I do day care in my home. What tax breaks do you know about? What is it you are doing?

[kitten5350]

I sale Mary Kay, if you have your own buisness,run your buisness from your home, you can deduct some of your house payment on income tax, phone bill from taxes, internet expenses from taxs,if you go out to dinner, and leave the waitress your buisness card, or give her a book in my case, you can turn that reciept in for taxes. mileage, gas, supplies, my director who has been in this for a year was only going to get back 600 and something dollars untill she found out all of the diffrent things she could use as tax deductions and ended up getting back 7000. it is al legal.I didnt beleive her untill she showed me!!! She says to save reciepts for everything to has anything to do with your buisness. It was all of her copies of checks and tax documents and loving Mary Kay products that convienced me to start selling. But I am also sure there are a few negative sides of being self employed. Thats what I am trying to find out. Other peoples experiances.

[Taterbo]

Dang..I am sure not one to mess with IRS.. Some of those deductions sound like RED Flag AUDIT to me...I have been in business for 22 years now and would not even think of going out on a limb. IRS Agents can be ruthless.. JMHO

[Shancopp]

Last yr was the first year I could use some of the tax writeoffs for my business....house payment/depreciation/utilities/groceries/mileage/toys/videos/home improvements/even pt of my car ins. Anything I buy for the kids (toys/videos/happy meals/groceries/snacks, etc) and since they use my water/cable/electric/gas, etc...part of that is deductable. If I transport them in my vehicles, I can deduct so much per mile and part of my ins. Though I got a smaller refund last yr than the yr before (from a retirement payout)..I'm hoping next year will be better.

[kitten5350]

Thank you fireball!!! I have only been doing this for a month now. Thats why I posted here was to get advise and tips!! thank you!!!!