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Published by Eva Rosenberg, MBA, EA
Volume 4      Issue 143       January 4, 2002
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Small Business


» From: Columbia, SC

Dear TaxMama,

I started an at-home, Internet based business this past September. Is this considered a small business?

If so, what type of information should I gather for tax purposes. I did keep track of mileage and receipts for items purchased. Is there anything else that I can claim?

Karen
TaxMama Replies
Dear Karen,

Congratulations. It sounds like an exciting enterprise.

Yes, you are a small business.

You can read the information at IRS's site about tax information for small businesses - Publication 334

Or you could read something really useful, written just for you.

Pick up a copy of Jan Zobel's book, Minding Her Own Business The Self-Employed Woman's Guide to Taxes and Recordkeeping.

It's under $10.00 and well worth every penny.

There are lots of other things you can claim as deductions. But I haven't got room in one short e-mail to teach you everything. I usually spend about two hours with my new business clients teaching them the first things they need to know. But Jan's book will have details for you.

Also, please, do read the articles on TaxMama's Resources pages. You'll find lots of great ideas to guide you.

Best wishes
Eva Rosenberg
Your TaxMama

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