http://MarketingTrafficSecrets.com Home Based Business Expenses to Reduce Your Taxes. How to have more spendable income with a home based business. Here are 10 deductible home based business expenses to reduce your tax liability and give you more spendable income.
Your home-based business is in a unique tax situation. Certain deductions are available to home-based businesses, but you must keep good records and determine the business portion of your home expenses. This article will help you learn more about home-based business tax deductions.
2. Home Based Business Expenses to
Reduce Your Taxes. How to have more
spendable income with a home based
business. Here are 10 deductible home
based business expenses to reduce
your tax liability and give you more
spendable income.
3. Your home-based business is in a
unique tax situation. Certain deductions
are available to home-based
businesses, but you must keep good
records and determine the business
portion of your home expenses. This
article will help you learn more about
home-based business tax deductions.
4.
5. 1) Understand the "Principal Place of
Business" Concept
Before you start taking those tax
deductions for your home business, you
must meet the IRS qualification that
your home is your principal place of
business.
6. This article details the IRS
requirements and includes some
examples to help you sort out this
complicated issue.
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7. 2) New Alternative: Simplified Home
Office Space Calculation Method
The IRS has announced a new simpler
calculation method for home office
space deductions. You can deduct home
business costs for the space used
"regularly and exclusively" for your
home business,
8. using the old calculation or the new
simpler method. If you have a smaller
space, the simple method can save you
time and mistakes.
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INFORMATION
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9. 3) Calculate Your Home Business Space
Deductions
This article takes you through the
process of calculating your home
business space deduction, using Form
8829 or the simplified method.
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10. 4) Home Office Expenses Deductions
What expenses you can deduct for
your home-based business.
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11. 5) Prepare for an IRS Audit of Your
Home Based Business
Are you prepared for the IRS to come to
your home to inspect your home
business? The IRS wants to be sure
You are not violating the requirement
that your home office be used . . . .
12. . . . "regularly and exclusively" for
business purposes. CPA Gail Rosen
answers some questions about use of
the home office for personal reasons.
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13. 6) Other Home Based Business
Expenses
Some other home based business
expenses you can deduct.
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14. 7) Use Form 8829 to Calculate Your
Home Based Business Expenses
To correctly calculate deductions for
business use of your home, you will
first need to use IRS Form 8829 to
determine the deduction percentage.
15. 8) Deducting Home Based Business
Telephone Expenses
You can deduct phone expenses for
your home based business.
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16. 9) Limits on Home Based Business
Expenses
Home based business deductions are
limited. You can deduct home business
expenses to reduce your business
income for the year, but you can't
deduct these home business expenses if
you had a business loss.
17. 10) Deducting Travel Expenses To and
From a Home Based Business
If you operate your business from your
home, you can deduct business-
related car expenses for travel back and
forth for business purposes, under
these circumstances: GO TO WEBSITE
18. Go to the website
below for further
details on saving
money, if you
have a “Home-
Based” business!
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Business?
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