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I have about $1000 of schedule C income from 2004. I am an MD and worked some moonlighting shifts at another hospital. Given all of my licensing fees etc. (>$1000 in 2004), I could report a net loss on sched. C. I could report an even greater loss if I also deduct out some portion of my cell phone, car expenses, etc. I feel that the expenses are legitimate, as they are related to conducting my moonlighting business. I will not, for example, try to deduct home office, as I do not use my office space exclusively for business.

Alternately, I could reduce my sched. C income to some small but >$0 amount, and take some deductions on sched. A (license renewal etc.).

I have heard rumors that reporting a loss on sched. C is a flag for potential audit. How would this board suggest I proceed?

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