tax question: switching over from hobby to business?
Jon Elson wrote:
The
business in home deduction is an unbelievable bonus, I can't BELIEVE how
much that cuts my taxes! Totally beyond belief.
Indeed, this is no hyperbole! I live in a two story, the
whole downstairs is shop space. Now, I have the water
heater, washer and dryer, and a small amount of personal
stuff stored, so we rate 40% of my rent as a business
expense, and I get a similar cut of my PG&E bill taken off.
Jon
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