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Also, you cannot take deductions for space you are renting to your employer.

Generally, the amount you can deduct depends on the percentage of your home used for business.

If you use both your home and other locations regularly in your business, you must determine which location is your principle place of business, based on the relative importance of the activities performed at each location.

If the relative importance factor doesn’t determine your principle place of business, you can also consider the time spent at each location.

Schedule C-EZ consists of an instruction page and a one-page form with three short parts — General Information, Figure Your Net Profit, and Information on Your Vehicle.

The instruction page includes a worksheet for figuring the amount of deductible expenses.

A hobby is an activity for which you do not expect to make a profit.

Generally, these start up costs must be amortized over a period of 180 months beginning in the month in which the business begins.

Did you know expenses incurred before a business begins operations are not allowed as current deductions?

If that amount does not exceed ,000, you should be able to use the C-EZ instead of Schedule C. Your business may have become eligible to use the abbreviated Schedule C-EZ instead of the longer Schedule C when reporting business profit and loss on your federal income tax return, according to the IRS.

Whether you are self-employed or an employee, if you use a portion of your home exclusively and regularly for business purposes, you may be able to take a home office deduction.

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