Can I claim expenses on my taxes on a home business that is not a licensed business?

Can I claim expenses on my taxes on a home business that is not a licensed business?

Linda asked:


I started a home based photography business this year but I have not filed any paperwork, such as DBA, LLC or sole proprietor. Can I still claim income and expenses on my taxes?

Job

Share and Enjoy:

• 
• 
• 
• 
• 
• 
• 
• 
• 
• 
• 
• 

This entry was posted on Wednesday, February 13th, 2008 at 11:46 pm and is filed under Home Business. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

One Response to “Can I claim expenses on my taxes on a home business that is not a licensed business?”

1. nyteglori Says:
   February 16th, 2008 at 2:49 am

   Yes the IRS requires you to report all income – even illegal income. They do not care if you are licensed. You will need to report it on a Schedule C as a sole-proprietor.