Q: Hello. I'd like to create an at home business for the after-hours from my normal job. A simple computer support service, which I go to the customers home to perform a large variety of tasks. Two questions which I can't find an answer to:
- Kate's Royal Tour Style Gets the Thumbs Up Down Under
- Lee Brice Shares His Own Wedding Footage In Video for 'I Don't Dance'
- 8 Photos of Amazing Record Collections Around the World for Record Store Day
- Couple Married 70 Years Die 15 Hours Apart
- Katie Holmes Celebrates Suri's Birthday with Cupcake Greeting
1. Do I need to "declare" myself a business with the state if I'm working from my home, or do I just start doing it?
2. What about business related expenses? Can I claim those for such a business?— Eric M., Milwaukee, Wisc.
A: You don't need to file papers with the state, though if you hire others and need to withhold payroll taxes, you should get a tax ID number for the IRS. Otherwise, your Social Security number is all you need.
The only thing the IRS cares about is that you declare your full earnings and that you deduct only legitimate business expenses. The simplest way to do this is to file a Schedule C with your personal income tax return. Here are the interactions, including guidelines on what you can write off as expenses.)
And, while I've got you, is there any way to rig my son's computer so he can only play an hour of PC games a day?
© 2013 msnbc.com Reprints