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Looking for some help with tax issues in the US. I have my regular web developer day job, but also design and maintain web sites in my spare time. I offer a web hosting service too as a reseller for a local company. I don't make a terrific amount of money doing this, and I'm not sure whether I should be estimating my taxes for 2004 now or just wait until next year when I file. Do I submit the earnings as "other income"? Can I offset software purchases and other 'business' items against my earnings? As you can tell I'm fairly new to tax laws in the USA - I recently moved here from the UK. I currently use TurboTax to file my annual return.
Any help would be appreciated,
Any business-related cost or expense can be used as a deuction. You can also deduct a portion of your rent and utilities based on the square footage of your workspace. Talk to a tax man about this.