Home Based Business - Tax Advise !

[suresh maddipatla]

Hi !

        I got $3000 through home based business and I was on H1. Right now I took my EAD . My question is can I show that income as a business income and take deductions for business expenses in my personal income tax return.One more thing it was purely a home based business and we didn\'t register the company name. Any body have suggestions ?. please post it here.

Thanks

 

[Bhanu Kuchibhotla]

No Title

If this is a cash payment don\'t bother (I am sure you don\'t WANT to pay taxes when they don\'t have to be paid).. If the people you received it from doesn\'t claim as expenses, then you are all set otherwise see an accountant... you may have to disclose in that case but I am accountant to confirm..

Any references to payments on your Soc. # may have to be disclosed..