| Possible Tax Advantages Associated With A Home Business |
- Home Office Deduction - This is probably the most common type of deduction that people think of when they start a business in their home. There, of course, is certain criteria which must be met to take this deduction, which include: (1) Your home must be the principal location for the business; (2) The "office space" must not be used for anything else, so it is best to set aside a room to house only your home business office and not be used for anything else. This deduction may also include a similar portion of home insurance premiums, property taxes, utilities, and interest expense.
- Auto & Expenses, including Mileage - This deduction will require detailed records as to the number of actual miles traveled for business purposes.
- Phones & Internet Connection - It appears that the IRS considers the first phone line into your home for personal use. An additional line or cell phone used for home business purposes may be tax deductible. The deduction for the internet connection would be based on the percentage of home business use to total use.
- Put Your Kids on the Payroll - If your children are involved in your home business, you may be allowed to pay tax-free wages to two of them.
- Entertainment & Meals - There may be times when you meet a prospect or a client for lunch to discuss your home business. This may be tax deductible, but you must keep receipts. This deduction may be limited to half of your actual expenses.
- Home Computer, Printer, Fax, and other home business office equipment - It would probably be best if you purchased office equipment for the exclusive use of your home business.
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| There are other costs of doing business, which may be tax deductible, but these are some of the most common. Your tax advisor is certainly the one to provide you with the most up-to-date tax deductions and amounts for your home business. |
| The tax advantages mentioned here are in general terms and are in no way professional tax advice. Each situation is different and you should obtain the advice of a professional tax consultant prior to actually applying these tax advantages to an actual income tax return. |
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