Being self-employed introduces complexities to your tax circumstances that are different from individual or standard joint returns. I will work with you to streamline your reporting requirements and annual returns so you can focus on your business.
If you are starting a business, under § 195 of the Internal Revenue Code (IRC) you may deduct up to $10,000 of expenses, with the balance amortized over five years.
You should also be aware that § 183(d) of the IRC requires businesses to be profitable every three out of five years. (There is some flexibility in this rule depending on your facts and circumstances). If any business fails this test, the IRS will deem it a hobby and you may not be able to deduct any of your business expenses while still having to declare the income.