September 5, 2008, 10:56 am
Does my side job get tax breaks?
Tom Day, Baker, La.
I'm 66 and will be self-directing an IRA to generate income. I understand the IRA cannot be a business. But, I will need a computer, software, travel to attend investing seminars, and a host of other expenses in order to self-direct it. Can any of these be business deductions?
What do you recommend? Leave a comment below with your answer.
Give us your advice: Check out recent “Ask & Answer” questions.
Related links:
Scrimping on your salary? Beware an audit
Filing taxes on a closed business
Cut your tax bill with write-offs
CNNMoney.com Comment Policy: CNNMoney.com encourages you to add a comment to this discussion. You may not post any unlawful, threatening, libelous, defamatory, obscene, pornographic or other material that would violate the law. Please note that CNNMoney.com may edit comments for clarity or to keep out questionable or off-topic material. All comments should be relevant to the post and remain respectful of other authors and commenters. By submitting your comment, you hereby give CNNMoney.com the right, but not the obligation, to post, air, edit, exhibit, telecast, cablecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comment(s) and accompanying personal identifying information via all forms of media now known or hereafter devised, worldwide, in perpetuity. CNNMoney.com Privacy Statement.
-
Detroit's churches are plowing millions into redeveloping local housing and businesses. More -
Winepod attracted a wait list of eager buyers and millions from investors. Then came the recession. More -
As other major banks withdrew, Wells Fargo stepped up its small business lending. More -
Designer Chuck Comeau set up his manufacturing in Plainville -- 240 miles away from a major airport. More -
As staffs shrink, business owners are taking on support duties they haven't had to handle in years. More
I have a similar question. I recently started an online side job and all my earning are being deposited into a PayPal CD. I found my side job on SideJobList.com but they couldn’t help me with any tax questions. Any help would be great.