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I am going to start doing some Freelance (Sole Proprietership) work soon. I would like to know if my computer and office equipment that I buy this year (solely for business use) can be subtracted from my income as a Business loss this year. I will have very little income from my freelance work this year. Can I decuct all my expenses as income loss in this year (or can I only deduct against income I bring in from my freelance work)? Would that count as lowering my AGI for this year? My wife and I will be close to the 100,000 household income limit this year for converting regular IRA to Roth. If I could use my Freelance expenses as a business loss against our 1998 AGI it might mean the difference between being able to make the ROTH conversion or not. Thanks for any help\advice you can give.
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