esantoro Report post Posted April 7, 2009 I know I have this information in my tax books, but I thought I'd ask, just in case some folks know this information as second nature. Are there particular tax forms I need to fill out in addition to, or to accompany, Schedule C for the following particulars? 1. Home office/workshop deduction. 2. Depreciation of machinery. 3. Startup expenses incurred prior to becoming an official Sole Proprietorship in 2008. Thanks for the help. Ed Quote Share this post Link to post Share on other sites
rustyriggin Report post Posted April 7, 2009 (edited) My wife is a manager for H & R Block, and she said you don't want to do a home/office because of a bunch of tax stuff I don't understand, that has something to do with paying alot of money back if you sell your home. Be sure to depreciate your larger expence's and if you show a big loss carry over the loss to future years so if you show a big profit later you wont be paying as much in taxes. Hope this makes more sense to you that it did me. Rus Edited April 7, 2009 by rustyriggin Quote Share this post Link to post Share on other sites
esantoro Report post Posted April 7, 2009 Thanks, Rusty. Can I carry over losses for only my Schedule C leather business taxes: sales and expenses? Or must I show a loss for both my leather business and my W2 work? ed Quote Share this post Link to post Share on other sites
rustyriggin Report post Posted April 8, 2009 Ed, you should only show losses on your leather work on your schedule C. Rusty Quote Share this post Link to post Share on other sites
