My wife has decided this year to become self-employed from home (Graphic Designer). What are the basic steps to take advantage of tax credits?

[MichaelL1 · Accepted solution]

She will be able to deduct the expenses incurred in earning that income.

Supplies, mileage, mailings, office in the home (possibly if she has a space in home designated), computer, and other costs incurred in earning the income.

As far as credits, I am not aware of any.  many small businesses can have a loss in the first year, and if you have income this is offset by her loss.

See below for more details.  And this link right here is very helpful:  https://turbotax.intuit.com/tax-tips/self-employment-taxes/reporting-self-employment-business-income...

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