Coming Soon
Subscription Marketplace - Buy and sell subscription products and services
0 like 0 dislike
814 views
in Articles by
Tax Deductions for Home Based Businesses

A big advantage of working from home is the tax benefits of operating a home based business.  Working from home allows you to deduct portions of bills that you are already paying to live there.

You can deduct home expenses if you actually work in your home. It is easiest to do this if you have a room set aside for your business. Figure out how bit that room is in proportion to the house, and you can deduct expenses using that percentage.

For example, if your place of doing business takes up 5% of your house, you can deduct 5% of your heating expenses for the days you work. (In other words, if you don't work weekends, you can't deduct for weekends.) YOu can deduct items such as mortgage interest (though not your mortgage itself), electricity, telephone, insurance, and expenses for maintenance and repair. In general, you can deduct the portion of expenses that directly relates to your business.

You can deduct costs for your internet service provider in proportion to the amount you use it on business, too.  If it's used completely for business you can deduct it all, but be certain before you do this that you are not using it for other reasons.

The tax benefits of operating a home based business enable you to deduct things you would otherwise be paying in full. If you are considering a business from home, it's a good way to lower your costs. This is just one more advantage of working from home.

Please log in or register to reply to this topic.

Related topics

0 like 0 dislike
0 replies 479 views
posted in Articles by BumblingBee
0 like 0 dislike
0 replies 1,736 views
posted in Articles by Wallaby
0 like 0 dislike
0 replies 678 views
posted in Articles by Wallaby
0 like 0 dislike
0 replies 733 views
posted in Articles by SnailMail
0 like 0 dislike
0 replies 884 views
0 like 0 dislike
0 replies 1,895 views
0 like 0 dislike
0 replies 742 views
posted in Articles by Falconjurer
0 like 0 dislike
0 replies 1,524 views
posted in Articles by Robottom
0 like 0 dislike
0 replies 2,042 views
posted in Articles by OpinionOwl
0 like 0 dislike
0 replies 2,086 views
0 like 0 dislike
0 replies 1,532 views
posted in Articles by GamerAlpaca
0 like 0 dislike
0 replies 1,618 views
posted in Articles by Wallaby
0 like 0 dislike
0 replies 1,002 views
posted in Articles by HairyFoal
0 like 0 dislike
0 replies 1,685 views
posted in Articles by HistoryGuy
0 like 0 dislike
0 replies 1,420 views
0 like 0 dislike
0 replies 736 views
posted in Articles by GrizzlyFlash

55,458 topics

594 replies

3 comments

1,623,835 users

Connect with us:
...