Home based business Tax Advantages
A home based business has many perks. Besides the endless freedom, it offers tax advantages. Then you can work autonomously. Most of you love the tax advantages part, of course. Here we go:
A home based business office
When reporting your taxes, simply deduct a fraction of household expenses incurred due to the home office. This is a section of your home being used as an office. Know your home office accurately, though, by square footage or floor space.
Home Office overheads
Home office improvements are deductible as business expenditures. Just ensure that you are claiming only office enhancements costs.
A home based business expenditures
There are many business expenses that qualify as tax deductibles. A small list includes:
• Occupancy expenditures – Rent, mortgage, insurance and council rates
• Running expenditures – cooling, electricity, cleaning, depreciation on assets and lighting.
Note: If you want to claim a deduction on utilities, you should demonstrate how you came up with your figures. Utility deductions for home businesses are tricky.
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