Question by Entidine: I started a home-based business. Can I take tax deductions on the inclome from my regular job?
I started a small Web-based business out of my, mostly for fun and to learn about dot-com stuff. The business isn’t making any money yet and don’t expect it to do so for at least a year or two. However, there are expenses related to running it, i.e. home office supplies, heat, water, web space, etc. Can I take any deductions off the income from my full-time job?
Answer by Bender Bending Rodriguez
not sure exactrly what you are asking – at the end of the year it will come out in the wash. yah all your stuff is deductible when you do your taxes – which will include money you make from your full time job. so i guess the answer is yes unless i dont understand the question clearly. altho you do have to turn a profit within three years in order for the IRS to permit you to keep making deductions
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