I have been thinking for a while about starting up a small business, based out of my home. It will basically be a mobile auto service business. I have heard lots of stuff about tax advantages to starting up a small business. I have also heard that you can write off a vacation once a year as a board of directors meeting. What are the facts about tax advantages for small business, or where on the web can I find this info? Any help is greatly appreciated!

Your expenses are deductible against your profit. If after the math, you have a net loss from the business, you may deduct this loss against any other income (such as wage, social security, or investment income) on your 1040. There are some limitations depending on the type of business (e.g. passive rule) — however, if you are trying to set up a business, I would focus on the business ideas — do something you enjoy and run with it. Best of luck!!