My husband and I have been planning to open a home based business for just over a year. Our plans are to open it by the end of 2008. My main concerns are taxes. We can not foresee our profits, but we are expecting under $50,000 for the first year. It will just be my husband and I (no employees). What taxes will we have to pay?
We will have a separate building on our property which the business will be primarily run out of, can we use this for any deductions? I am looking for any information that will help us to get the business started and have everything run smoothly. Any help would be appreciated, the more detailed the better.

Rickie

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