Connect with the world's leading business experts.
Get instant access to their expertise via world–class Q&A, Research, and Events.
0
What are the most allowable tax deductions for my home business?
I've been running a small business out of my home for the past 6 months. What can and can't I deduct? I've heard this can be a sticky situation. Any help or advice would be great. Thanks
Events
- Social Media and Content Marketing For Business Q&A Feb 14 @ 11 am PT
- #TNLive Radio: Workforce Marketing & Recruitment Feb 14 @ 4 pm PT
- The Rise of Pinterest in B2B Feb 15 @ 11 am PT
- ERP – Priming Your Business to Deliver Value From Strategy to Operations Feb 15 @ 1 pm PT
- How Not to Coach Your Salespeople Feb 16 @ 1 pm PT
Related Activity
1 Answer
You can deduct expenses for using part of your home to conduct business. You need to keep good records and have utility bills handy. Also, know the total square footage of your house and the amount used for business. For example 2000 sf, 200sf used for business - that's 10%. Numbers go from there. If you use a tax software, some are free online, you will be walked through the questions. Hope this helped you.
Answer This Question