What would be the best way to to file my income taxes for a home business?
Should I make an attempt to do this myself, or should I hire a professional?

I was thinking about getting one of those programs to file my taxes online. I have talked to both H&R Block and Hewett Jackson. Of course both want me to hire them. Not sure how expensive this will turn out to be. I am a little intimidated with the idea of doing my own.

No matter if you do your own or hire someone the key is documentation. Keep a record of everything from receipts to a driving log(if you do any driving at all). Be very specific.

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Brandy
http://www.StayHomeForKids.com
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Hire a bookkeeper if you must...



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that's the best thing to do if you don't know such, pay someone who will do it

A bookkeeper would be the best option.There are things you can easily miss (deductions) and you can end up paying too much taxes.

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Tom Lindstrom
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Yes hire one, because they know what you can & can't right off. You want to keep your business professionally not as a Hobby.

[snip]

Yes, a professional is a must if you're really lost on what you can and cannot deduct. If you live in the US, you can get a lot of information on the IRS.gov site. You can even call them for advice. They're really very helpful.

I did OK for a few years using an online software that prompted me through it every step of the way. It was great, and saved me a lot of money on tax preparation. However, when I sold my Website last year, I was totally clueless on how to deal with it.

I made the decision to go with a pro... paid a significant price for tax prep ('bout fell out of my chair when she hit me with the bill) , but saved much more on the tax owing end. So, it was well worth it!