475 Tax Deductions for Businesses and Self-Employed Individuals by Bernard B. Kamoroff

475 Tax Deductions for Businesses and Self-Employed Individuals by Bernard B. Kamoroff

Author:Bernard B. Kamoroff [Kamoroff, Bernard B.]
Language: eng
Format: epub
Publisher: Lyons Press
Published: 2017-11-17T05:00:00+00:00

Self-employed individuals often cheat themselves by considering an expense personal when it’s really a business expense. In the corporate world, it’s clear who is a business associate and who is not. For the self-employed, that line is very wiggly. Just because someone is a friend or family member doesn’t mean he at she isn’t a business associate.

—BusinessWeek financial writer June Walker

Home Expenses: Business Use of Your Home

This deduction is for the space in your home that is used for business. The deduction is not just for home-based businesses. Anyone who has a business office in the home, sees customers and clients in the home, does business-related work at home, or has business storage at home may be eligible for this deduction.

The deduction, often called the “home office deduction,” is not just for an office in the home. It is for any business space—office, workshop, studio, warehouse, store, showroom—and the expenses directly related to the space, including rent or depreciation, utilities, insurance, property taxes, maintenance, home repairs, remodeling, air conditioning, painting, and decorating: most everything associated with the office itself (except office furniture and equipment, which are deducted separately and do not come under these home expense rules).

The term “home” includes a house, apartment, loft, condominium, trailer, mobile home, or boat if you are living on it. The term also includes any separate structure that is part of your residence, such as a garage, shop, or other building.


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