Owning and operating a home based business has many advantages and benefits over working at a regular 9-5 job. There is always the simple pleasure of just being at home in addition to the above average income the self employed usually bring in. One consideration that you may not have fully explored is the qualifying deductions you can make on your tax return.
Home Office Deduction
Your office at home and related expenses are allowed deductions according to IRS guidelines. To qualify, your home must be the primary place where your business is conducted. Additionally, the office space must be used exclusively for your business. It is best to have a room that is obviously equipped for business use only. Should a question arise, there must not be any doubt that the room is used for other purposes. Needless to say, keep the day bed in another room.Details of what qualifies as a home office and what can be deducted is explained more fully in various IRS publications found on their website at http://irs.gov
Home Office Building Expenses
You can deduct home office improvements and repairs. So, if you were to paint your home office, it is considered an...
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