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Advantages Of Starting A Home-Based Business Home-based businesses are not only great for giving you the freedom to work from your own home and choose your own hours, a home-based business can also offer many tax advantages. What Can You Claim To figure out the deduction of your home office in relation to your home, you will need to work out the amount of space that your home office takes up. For example, this may be 10% of the total space of your home. Then deduct this amount from your current payments on your home, for example, interest on your mortgage or rental costs. These deductions also include property tax and, if you already own the home, you may be eligible for depreciation costs. Insurance costs for your home can also be claimed at the same rate as the rental or mortgage deductions. Other things that can be deducted from your home-based business include remodeling or office furniture that relate directly to your business. These must be only for your business and for no other purpose. In addition to all of the common things you can claim, including supplies and equipment, there are also other deductions that are often overlooked by those in home based businesses. These include transport costs that are directly related to your home-based business, entertainment of your clients in your business and your taxation preparation costs. Keep Good Records To find out exactly what you are able to claim and the applicable rates, visit the IRS for further information. Don't spend another year missing out on important deductions for your home-based business.
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Article Tags: Home Based Business, Tax Deductions, Home Business Taxes, Self-employment Tax Article Source: http://www.articlesbase.com/home-business-articles/advantages-of-starting-a-homebased-business-65880.html About the Author:
Looking to start a home-based business? Visit Daniel's website Building A Home Internet Business. Sign up with Direct Matches and find business opportunities, jobs, and friends online.
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