QUOTE (Jsm84 @ Mar 10 2012, 04:01 PM)
What can I deduct? I have a mortgage on my home so can I deduct part of the mortgage, utilities, anything else?
I didn't make over $599 last year. I started in September. So I won't have to do taxes on this for last year. Hopefully someday when I GET REFERRALS, I'll be able to make some money.
Any suggestions would be appreciated.
however much you did make is the good news! here's the bad news: even if it was only $1, it is still income and you should still declare it. you can declare as business income, or as hobby or prize income. it depends on whether you have expenses you want to deduct (business allows you to do this).
I don't know about mortgage, because I don't have a home office that is separate enough from the rest of the house to qualify. the obvious deductions are internet access, computer stuff (hardware/software), office supplies and phone calls that are relevant, referral payments and forum premium membership fees, plus any paid web hosting and advertising if you set that up for your freebie biz.