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.
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. This article details the IRS requirements and includes some examples to help you sort out this complicated issue.
Calculate your home business space deduction.
What expenses you can deduct for your home-based business.
Some other home based business expenses you can deduct.
You can deduct phone expenses for your home based business. Here's how.
To correctly calculate deductions for business use of your home, you will first need to use IRS Form 8829 to determine the deduction percentage.
Home based business deductions are limited. Learn about these limits.
If you are looking for a home business opportunity, here are some things you need to know about tax schemes, to avoid IRS scrutiny.
A list of IRS-targeted home based business tax deductions to avoid.