Websites are not successes over night. You need to put in A LOT of MARKETING TIME. That is what will make or break your website. Throw in some google ads and don't be afraid to spend even more in targeted traffic from adwords and yahoo marketing. Plant the seeds now and maybe in a few months you could be making a decent amount of money from the site and if not it is a great learning experience. Just like school, you might not have aced it but you learned something.
Like Steve mentioned home business are great tax breaks. Say you use 1/4 of your home for business. You can write off 1/4 off you household bills and things you get for your business. (Internet, PC, Office supplies, Books and whatever.)
What you can do is just take the minimum tax break I think it is like $5,000. Makes doing the taxes much easy and you don't have to state each item individually.
At this point unless your accountant and lawyer are free I would dump that money in to marketing.
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