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It's tax time again, and if you are a home business owner that can mean it's an especially busy time. Having a home business means you can take advantage of some nice tax benefits. However, if you take advantage of these tax breaks, you must have a designated office in your home that is not used for any other purpose other than your work. Here are some tips to get you through this tax season:
1. Get organized. Make certain you have everything you need before you take a trip to your accountant. You must have detailed information, receipts and documentation for everything you claim. 2. Be honest. Remember, the IRS is an expert at home business tax filing. You're not going to be able to claim that trip to Disney World with your family as a business expense, even if you did hand out your business card to everyone you met. If you operate a home business you are more likely to be audited than someone who doesn't. Don't claim anything you can't back up, because if red flags appear on your claim, you could be in for an expensive audit.
3. Make sure you get what's coming to you. One of the many benefits of working online from a home business is the tax breaks you are eligible for. For example, if you make pottery at home, the cost of the materials, the cost of shipping, any storage costs, could be deductible. Any capital expenses that are specifically tied to your business, such as the purchase of a computer or laptop can be deducted. You can also deduct the cost of starting up your business, including office furniture, any investment required to start up your business, computer and office equipment, etc. Because you work from home, certain expenses that pertain to the upkeep of your home can be deducted, including mortgage interest, insurance, utilities, repairs, and depreciation. The IRS dedicates an entire section to what it does and does not allow for deductions on its website. Even if you have an accountant, it's probably a good idea to take a look to make certain you're getting back everything you should from Uncle Sam.
4. Another benefit you might not have known about. If you borrow $50,000, use half for your business and half to put in a new pool, you can claim the 50 percent of that loan interest as a interest in a business expense. 5. If in doubt, leave it out (or ask you accountant). According to the IRS, if you can deduct a business expense, it must be ordinary and necessary. No, that 60-inch flat screen TV that you keep on CNN would likely not be considered ordinary or necessary. You need both to comply with the guidelines.
6. Hire a competent accountant. Do you really want to face the IRS alone if you do get audited? Didn't think so. So, this tax season, take a deep breath, get organized, and follow all the guidelines laid out by the IRS. You'll be happier in the end, and hopefully get to keep a bit more of your hard-earned cash.
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