You already know how wonderful it can be to work from home, but do you realize how many home based business tax advantages exist? Here in the United States, many people operate home based businesses just to take advantage of the numerous tax deductions. Claiming the use of your home in your business can give you some hefty deductions on your tax return.
A Word of Caution
As with anything tax-related, you must meet certain requirements determined by the Internal Revenue Service. However, if you use one room or part of a room specifically for your business, you can receive a significant home based business tax deduction. This can include portions of your utility bills specifically related to that area of your house as well as any relevant home improvements.
Your phone and other office services can also provide you with a substantial home based business tax deduction. If you maintain a separate fixed phone line or cell phone specifically for your business, then all costs related to those phone lines can be tax deductible.
However, if you use equipment or services in both personal and business environments, it is more difficult to establish a tax deduction. Its not impossible, but you must meet some fairly strict requirements and maintain good records. Using your car in your business gives youthe potential for another good home based business tax deduction. Of course, you must keep excellent records but you can deduct mileage and car-related expenses that you incur while conducting your business.
With any type of business, other incidental costs come up. You can also take deductions for purchases of items such as office supplies, postage, advertising materials and expenses.
Hire Your Children
You can potentially deduct even more by hiring your children or spouse to work as employees for you. This enables you to deduct health insurance premiums and other typical employee-related expenses. In order to find out about the many home based business tax deductions available to you, Give me a call at (562) 251-1300 or visit my website at http://MyCreativeTax.com .
With proper advice and good record-keeping, your home based business can become even more successful.
Yvette Geater
Owner of Creative Tax
Visit my website at
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On the deductibilty of home based business expenses, I’ve always tried to err on the side of caution. Getting audited by the Tax Office in my country (Australia) is no more attractive a proposition to me than I imagine it would be in your country. My working principles with tax issues, are: be sensible, err on the side of caution and don’t get your file flagged as problematic! Better for business in the long run, quite aside from ethical issues which people sometimes forget when it comes to completing forms such as tax returns.
And from one experience I had when I signed off in a hurry on a tax return prepared by my then accountant and unfortunately subscribed thereby to some misleading information (the accountant had not read my explanatory notes to him) I had a “please explain” and a fine, I recommend being very thorough when it comes to submitting returns. I now read *everything* before I sign.
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You’re probably going to need to consult an attorney or CPA if you want to do it right. Are you going to have employees. A corporation will pay double taxation vs. an LLC or S-Corp. So, they are all appropriate for different circumstances.
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