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Editor Note: Happy New Year To our
firm's special members! Saving you tax is one of our main
objectives. Our firm always want to help you reduce your
tax to minimum every year with simple and easy ways as
much as possible.
This month our ezine features
Home Office Tax Expenses
By Mr. Chapo, an excellent article for you to
eliminate your tax fully with current tax regulation you entitle
to.
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CONTENTS
_Publisher's Article: ***** Home Office Tax Expenses By Mr. Chapo
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Feature
Article:
Home Office Tax Expenses By Mr. Chapo
Self-employed individuals
often work out of their own home.
If this is the case with you,
here’s a primer on home office
tax expenses you can claim
on your taxes.
Home Office Tax Expenses
America is a country built on small businesses.
Yes, the big
companies are the darlings of the media, but the guts
of our
economy are the little guys pursuing the American
Dream
from the extra bedroom. Fortunately, the tax code
contains
deductions tailored to help cut your tax bill.
When claiming home office tax expenses, it is
important to
keep a receipt for each and every amount you are
claiming.
When dealing with the IRS, receipts are your ammo.
Keep
them at all costs.
Cont'
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When maintaining a home
office, taxpayers often wonder
how they differentiate a business
expense from a simply
home expense. The key is the square footage.
Simply divide
the square footage of your office by the total square
footage
of the home. This number is typically represented by
a
percentage such as 20 percent. Put another way, the
home
office represents 20 percent of the square footage of the
house.
Once you have the above answer, you can multiply it by
the
total yearly amounts paid for rent or mortgage
interest,
insurance, maintenance, utilities, taxes, depreciation of
the
home and repairs. Each of these home office tax
expenses
figures can then be deducted.
In addition to the above, you can also deduct
expenses
completely related to the business. For instance, the
purchase
of a desk for the office is entirely attributable to the
office
and can be deducted in full.
Words of Caution
Con't
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There are some limitations to home office
tax expenses. If
you are reimbursed by an employer for various
home office
expenses, you cannot also claim those expenses as a tax
deduction. Sorry, no double dipping.
For some time, there has been an urban myth that the
Internal
Revenue Service keeps a close eye on home-based
businesses.
This may have been true ten years ago, but is clearly
not the
case today. To this end, the IRS has actually come out and
issued
clear statements to the contrary. Do not fail to claim home
office
tax expenses because of a fear of an audit. It is simply not
a
rational fear!
Running a small business can be both stressful and
incredibly
gratifying. Make sure you claim home office tax expenses
to help
your cash flow.