![]() SearchCategoriesBlog Carnivals (25)Business Law (19) Customer Service (12) Family Business (4) Human Resources (27) Marketing (53) Money (36) Motivation (21) Networking (23) Operations (71) Ownership (52) Startup (41) Taxes (20) Technology (34) Ventures (20) Recent Posts Small Business Scams Taking Time Off Starting a New Business More Tips for Expo Success Tips for Trade Show Success Protect Your Wireless Networks ArchivesMay 2013April 2013 March 2013 February 2013 January 2013 December 2012 November 2012 October 2012 September 2012 August 2012 July 2012 June 2006 May 2006 April 2006 March 2006 February 2006 |
GreatFX Business Cards Small Business Buzz The Right Way to Write-Off Business Expenses (Part 2)
Small Business Buzz
The Right Way to Write-Off Business Expenses (Part 2)A doubleshot of business news espresso with extra froth Share Your Thoughts! PART 2 – HOME OFFICE AND MISCELLANEOUS As a continuation of yesterday’s post, below are some additional tax deductions you should handle carefully. Home Office Once you have the measurements, figure out what percentage of your home is dedicated to your business. You can then write-off that percentage of your mortgage/rent, utility bills, etc. Keep in mind, however, that this area of your home must be used exclusively for your business. If it is, in any way, used for personal matters (i.e., your home computer is used for both business and personal), then you cannot right off percentages of your household bills. Home Computer Another option would be to invest in a laptop that you use for business purposes only. This will allow for the entire expense of the laptop to be deductible. Phone Bills However, if you use the phone for both, then you will have to be sure and get an itemized bill from the phone company and indicate which calls, both incoming and outgoing, were business related. It’s a good idea to also indicate which client each call was related to. The best and easiest way to avoid extra time and effort is to simply purchase a separate cell phone or get a separate phone line in your home for business calls only. If you opt for the separate cell phone, you can also write-off the phone itself. Clothing/Uniforms These are just a handful of the vast expenses that you might be able to write-off each year. It’s a good idea to consult with a professional accountant if you are not familiar with all the regulations. It’s better to spend a little extra money getting some help the first few times than to make a mistake and get audited. Part 1: Travel Expenses and Vehicle Usage Source: Recommended Readings: The Right Way to Write-Off Business Expenses (Part 1) Moving from a Home Office to a Commercial Space Building Your Office How to Secure Your Business Against Computer Viruses Aprils Fools Day Office Pranks Ways to Save on Technology in 2008 What IRS Auditors Look For 3 Ways to Pay Less for Technology Business Trends in 2007 Scheduling Time to Relax By Michelle Cramer Tuesday, November 6th, 2012 @ 6:00 PM CDT Taxes | |
Share Your Thoughts
Freedom of speech is a beautiful thing.
Thank you for taking the time to voice your opinion on this article.