10 Deductible Small Business Expenses to Reduce Your Business Taxes

10 Deductible Small Business Expenses to Reduce Your Business Taxes

Taxes and Deductions for Home-Based Businesses

Your home-based business is in a unique tax situation. Certain deductions are available to home-based businesses, but you must keep good records and determine the business portion of your home expenses. This article will help you learn more about home-based business tax deductions.

1) Understand the “Principal Place of Business” Concept
Before you start taking those tax deductions for your home business, you must meet the IRS qualification that your home is your principal place of business. This article details the IRS requirements and includes some examples to help you sort out this complicated issue. READ MORE

2) New Alternative: Simplified Home Office Space Calculation Method

The IRS has announced a new simpler calculation method for home office space deductions. You can deduct home business costs for the space used “regularly and exclusively” for your home business, using the old calculation or the new simpler method. If you have a smaller space, the simple method can save you time and mistakes. READ MORE

3) Calculate Your Home Business Space Deductions

This article takes you through the process of calculating your home business space deduction, using Form 8829 or the simplified method. READ MORE

4) Home Office Expenses Deductions

What expenses you can deduct for your home-based business. READ MORE

5) Prepare for an IRS Audit of Your Home Based Business

Are you prepared for the IRS to come to your home to inspect your home business?  The IRS wants to be sure you are not violating the requirement that your home office be used “regularly and exclusively” for business purposes.  CPA Gail Rosen answers some questions about use of the home office for personal reasons. READ MORE

6) Other Home Based Business Expenses

Some other home based business expenses you can deduct. READ MORE

7) Use Form 8829 to Calculate Your Home Based Business Expenses

To correctly calculate deductions for business use of your home, you will first need to use IRS Form 8829 to determine the deduction percentage. READ MORE

8) Deducting Home Based Business Telephone Expenses

You can deduct phone expenses for your home based business. Here’s how. READ MORE

9) Limits on Home Based Business Expenses

Home based business deductions are limited.  You can deduct home business expenses to reduce y our business income for the year, but you can’t deduct these home business expenses if you had a business loss. Read the details on this limitation. READ MORE
10) Deducting Travel Expenses To and From a Home Based Business

If you operate your business from  your home, you can deduct business-related car expenses for travel back and forth for business purposes, under these circumstances: READ MORE
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