Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev | Next
Author: pussinboots1 Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121565  
Subject: Schedule C code & home depreciatoin Date: 2/8/2006 10:23 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
Besides her regular, full-time job, my wife also teaches cooking classes at local community education centers. She has also just started teaching private classes at our home. This leads me to two tax questions...

1) What code should I use when filling out schedule C-EZ for her business? I used 611000 last year (education), but noticed this year that 722300 (special food services) might also be appropriate. Any thoughts on how to choose? How important is it that I get this right?

2) Now that she's starting to teach at home, I assume we'll have to do some sort of expensing of our home. So far, it looks like the use will be very limited---about one 3-hour class per month. And, the actual class only happens in the kitchen & dining room---about 1/3 of our home. Is there any minimum usage requirement for expensing? My back-of-the-envelope says that our home will be used appx. 0.14% for business. Is that so small that it falls below some tax threshold?

Thanks for any help/advice/suggestions!

Puss
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev | Next

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
Foolanthropy 2014!
By working with young, first-time moms, Nurse-Family Partnership is able to truly change lives – for generations to come.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Dividend Growth Investing

Good Time for Dividend Champions?
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement