Does anyone know how this is handled when you have two home based businesses? I am starting my VA business and my husband is self-employed AC& Heating contractor.
If you are structured as solo entrepreneurs then when filing your taxes each will have to complete the SE for that business. Be careful that you do not take double deductions. In this case it would be beneficial to contact a tax professional rather than go it alone. There are many mistakes you could make as well as miss deductions for both businesses.
I would assume that if you are sharing the home office, each business would get half the deduction. However, as Lee said, I would definitely contact a tax professional who can clarify not only this question but all of the other tax issues/questions you may have.
Thank you all for your input. I've decided that taxes are more complicated than I imagined that the best way for me to learn is to work with the pros.
I've started taking a 10 week tax class to get all my questions answered and really understand what my requirements are as a small business owner. A big plus is that I will be able to add this to my “skills” list.
Taxes and Home Office
Lily Chambers, The Virtual Office Goddess, LLC
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