What kinds of personal tax deductions can I use to my advantage (legally)?
Here’s a breakdown of my life and expenses:
1. I run a freelance business repairing computers and Installing audio systems (only made 0… dead serious)
2. Live with my parents in california
3. work at t-mobile selling phones (hourly+commission)
4. I do not have kids
5. I am a student
I know my personal deductions are limited aside from business expenses, but I would like to know what options I do have. Any help will be greatly appreciated.
Tags: business expenses, freelance business, parents, personal deductions, t mobile
#1 written by Sharon T April 23rd, 2010 at 08:34
Unless you bought a NEW car during 2009 (sales tax deduction) or qualify for the AOC (ed credit), your business expenses for repairing computers is all I see and there wouldn’t be much there if you only earned $300.
Your life is simple from a tax standpoint.
#2 written by douglas April 23rd, 2010 at 08:34
You can deduct actual costs of items used for the audio business. You may be required to show receipts if audited.