LifeinAsia - 7:31 pm on Dec 10, 2012 (gmt 0)
The $8.00 of income will allow you to write off at least a couple of hundred to a couple of thousand dollars in taxes.
The fact that no other member mentioned this concerns me!
Actually, your post concerns me. :)
In the U.S., trying to write off thousands of dollars of expenses against $8 in income is just asking, no- begging, to be audited.
Yes, if you do have a serious business and operate it like a business instead of a hobby, you can probably win in an audit. But the burden of proof is on you to show that it's a business and not a hobby. To me, only $8 of revenue sounds like it would be extremely difficult to show.
2.Any Software You purchased
5.1/2 The cost of your Computer and any back up gear
These need to be amortized over their useful life.
6.Amount of Space you use in your Home or Apartment "example 1/4 the cost of all expense to maintain you house of apartment"
The IRS has very strict rules/requirements about claiming the home office expense and claiming it can increase your chance of an audit.
Note: these comments are based on U.S. tax law and your local tax authority may have different rules.