Can I claim expenses on my taxes on a home business that is not a licensed business?
Monday, October 6th, 2008 at
9:02 am
Linda asked:
I started a home based photography business this year but I have not filed any paperwork, such as DBA, LLC or sole proprietor. Can I still claim income and expenses on my taxes?
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Yes the IRS requires you to report all income – even illegal income. They do not care if you are licensed. You will need to report it on a Schedule C as a sole-proprietor.