It may not be for everyone, but I've been a Turbo Tax fan for years. "Hard to believe, but you can get a tax break for staying in your pajamas and fuzzy bunny slippers to run your business.
Many people who leave jobs—either voluntarily or following a lay-off—choose to start their own business and work out of their homes. Once you switch from life as an employee to become an independent contractor, your tax situation also changes. Here are several things you can do to keep your tax house in order:" Check out the Turbo Tax article : Working at Home .
The best tip I've ever received from any tax person..Keep Your Receipts. If you have friends that are self-employed, check with their tax adviser for tips to keep it all organized..if this is something new for you.. Most of all...don't make up the numbers.
We actually have a tax man come and speak to one of our local Mary Kay teams..because he handles so many Mary Kay directors and consultants his tips for intelligent record keeping is great.
Working in your slippers is still work!!