Search Results for: home business deductions

Which Business Tools and Supplies are Good Buys in December?

 While you may be doing a great deal of shopping for the people on your gift list, you might also be wondering whether this time of year is a good time to scout out the sales on items that you need for your home – based business. If you itemize deductions on your tax return, it makes sense to shop now, especially if you have identified some things that you need. There are also some items that are usually on sale in December. For example, December is one time of year where computers are at their lowest prices. In fact, … Continue reading →

Are You Getting All Your Tax Deductions?

Tomorrow is April 1st. For those of us who have put off doing our taxes, the next two weeks will be a race to the deadline. Now where exactly did I put all of those medical bills? Talk about increasing your stress! As a single parent there are many ways you can benefit when you do your taxes. Many divorced couples take turns claiming the kids each year, this can make it a little tougher when it’s not your year to claim them. However, when you can claim them you benefit not only from their deduction but also because you … Continue reading →

Dealing with Taxes When You Work from Home

I always say it takes a disciplined person to work from home. But that applies not only to the work; it also applies to setting aside taxes. I am an independent contractor for a web content company; therefore, my taxes are not automatically taken out from my paycheck. If I’m not disciplined to take out the money, I can easily find myself in a deep hole. Now there is a difference between someone who is self-employed and an independent contractor. The IRS can help you determine which one you fall under. This year I did a little better job with … Continue reading →

Home Biz Deductions

In my previous post I listed the requirements you need to meet in order to qualify for the home business deduction on your 2011 tax form. Remember: You must be able to show that you use your home as your principal place of business. This can be accomplished by sanctioning off a portion of your house, condo, mobile home or apartment for business purposes only. You can’t use your workspace to host poker games or scrapbook crops on the weekends; rather, the space must be used exclusively and regularly for business. However, there are two exceptions to this rule. According … Continue reading →

Tax Time: Home Business Money Savers

Now that you know how to save money on your taxes by deducting job-hunting expenses, let’s talk home businesses. According to the IRS, you may be able to save big bucks by writing off expenses related to what Uncle Sam refers to as the “business use of your home.” If you work out of your home–regardless of whether you rent or own–you may qualify for the deduction. The IRS defines a “home” as a house, condo, apartment, and mobile home, basically, any place that includes an area where you cook and sleep. A home office can be as large as … Continue reading →

Setting Up a Home Office

When I first started working from home, I did it from my dining room table. But when my writing career took off and I eventually was able to work full-time from home, I quickly realized this wasn’t going to work. So I began to build my home office. Well let me take that back…my husband actually built the room that is now my office. I was then able to add things such as my desk, chair, printer and a number of other supplies. If you are looking to set up a home office there are some important things you should … Continue reading →

Tax Deductions When You Work from Home

When my husband prepared to do our taxes this year we were in for a surprise. It wasn’t going to be like previous years where we could expect a nice return and put that aside for a family vacation. No, it was honestly poor planning and somewhat ignorance that has led us to owe the IRS. This is because when I first began working from home, I started off making little money. I didn’t think much about putting money aside because I honestly didn’t anticipate my writing career to really take off. But it did and we failed to plan … Continue reading →

What Is The Small Business Jobs Act and What Will It Do For Me?

The United States Senate will vote this week on the Small Business Jobs Act. The bill is expected to pass the Senate, but it will not become law until it is reconciled with small business legislation that was passed by the House of Representatives in June. That said, it is possible that the Small Business Jobs Act could become law before the mid-term elections happen in early November. While the Small Business Jobs Act that is now before the Senate contains some things that will be good for small business owners, it also contains some things that could be cause … Continue reading →

Do Homeschoolers Qualify for the Educator Expense Deduction?

The plain and simple answer to this is no. There are not any federal tax credits or deductions that you can claim on your federal taxes for your expenses as a homeschooler. I’ve already written about why I oppose tax credits for homeschoolers in the first place, but so many homeschoolers feel that it is unfair for teachers to get the expense deduction and not home educators, that I thought I’d take a moment to address this. Is It Fair? The snub here is that in essence it would appear that the federal government is saying that there are ‘real’ … Continue reading →

Home Office Tips

The home office can be one of the busiest and most clutter areas of the house. Paper just tends to collect and multiply. But just what do you file and what do you toss? Here are some quick tips to help you in your home office. Invest in a shredder for your home office. Shredding documents that contain personal information is a must to protect against identity theft. Many people just throw away credit card offers, but those offers can be as candy to a theft who wants to use your credit. Tax returns need to be kept forever. Any … Continue reading →