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My wife has recently started a business where she will be a distributor for an arts & crafts manufacturer. Her business will be run out of our home.

Let me recommend publication 1066, the Small Business Tax Workshop Workbook. It gives an overview of the ins-and-outs of tax implications of running your own business.

Warning: it's an 8M file, so it might take a while to download. You probably also ought to read through the instructions for 1040 schedule C.

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