My #1 Tax Tip of the Day
Tax Time is Neigh
Originally, this post was going to be about some Tax Tips for the Work at Home Business Person. I thought I knew a little about taxes and I found out I know Very Little about taxes.
I do know that you can deduct a percentage of your home that is used for business. It must be an exact percentage And it must be Exclusive. It can Only be used for Business. ie. you Can Not Deduct for Office Space if you conduct your business from the Kitchen Table. Duel Use doesn’t count.
The same goes if you sit on your couch with your Laptop to deal with Clients. You can use the Computer for a deduction (as long as you don’t play solitaire), but not the space you are sitting in. Again Duel Use.
I know you can take the exact percentage of the Utilities Used like electricity, heat and things of that nature, but you Cannot use the Telephone as a tax deduction unless it is ONLY used for business. The House Phone is Duel Use.
The Tax Code changes almost as much as the Weather. What you could claim on your taxes Last year May Not Apply This year.
So, My #1 Tax Tip for the Self-Employed Home Business Owner…
GET AN ACCOUNTANT
(Preferably, a Self-Employed Home Business Accountant.)
You’ll be Glad you did.
Technorati Tags: Tax Tip, Accountants, Self-Employed, Home Business, Owner
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