findarticlesplus.com
  Site Home >> About Us >> Place Your Link >> Privacy Policy >> ToS >> Add Your Article
Search:   

 

Self Enhancement

 

Vehicles & Automotive

 

Society & Communities

 

Sports & Adventure

 

Healthcare & Treatment

 

Jobs & Careers

 

Academics & Education

 

Issues & News

 

Family & Home

 

Science & Space

 

Children

 

Policies & Law

 

Property & Estate

 

Fitness & Health

 

Recreation

 

Shopping Online

 

Online & Board Games

 

Travel & Accommodation

 

Business & Commerce

 

Internet & Computers

 

Finance & Investment

 

Drink & Food

 

Fashion & Lifestyle

 

Culture & Art

 

Site Home –› Finance & Investment –› Tax Related Laws
 

Home Office Deductions: Maximize Tax Benefits

 

Everyone has some kind of home office, if you happen to run a business from that home office, its deductible. But There are a few important things you need to do to make certain your deduction is provable.

  • Clear a specific room or space for your office. Give it a square footage, something you can actually determine with measurements. Take everything out of your space that is not directly related to your business. Measure your space, and if it doesnt already have four walls, set up specific perimeters with room dividers or temporary walls.

  • Create a name for your business. Get a tax license, and register your business name, along with your ID. Announce your business to the local papers, send out press releases, and be identifiable as a business.

  • Purchase office equipment and furniture for your office. Keep the receipts; this equipment and furniture is deductible. (Including any room dividers or temporary walls you set up to disguise your office.) This furniture probably includes your desk, a computer desk, shelves, file cabinets, printer cabinets, storage containers, computer, adding machine, fax machine, filing supplies, etc., lamps, chairs, and a telephone with voice mail capabilities.

  • Install a separate phone line for your office. Call it a kids line or second phone, dedicated computer or fax line, but get a separate phone line for your business. Put a professional response on your voicemail save the Hey Granny, Ive gone fishing leave a message at the beep. For your private line. Use your professional voice and manners on your business voice mail. Your customers will appreciate you for it.

  • Set up a schedule. Give yourself hours/work days and some time off. Plan your work around your business schedule. Even if you include some evening and weekend hours, you will benefit from scheduling some time off. If you work late in the evening, take some time off in the morning to run, laugh, get together with friends, read a book or enjoy life. It will help you focus on what you want during work hours.

  • Build a business budget and a plan for making money from your business. Without a business plan your business isnt really a business. The description that distinguishes a business from a hobby is intent to make a profit. If you do not have a plan to earn a profit, IRS considers your business a hobby and so should you, limiting your deductions. Write a plan for making a profit for your business.

  • Develop a process of doing business that includes such simple things as returning phone calls, a newsletter, client lists, advertising, business cards, letterhead, and a marketing plan.

  • Products or services. Create or obtain products or services to sell and maintain a pricelist for your wares.

    Home offices indicate you have a home-based business. The list above will help you prove your business is viable in case of an audit. These will also improve your ability to make a profit as a workable business.

  • Author: Jan Verhoeff
     
    Author Bio:

    Jan Verhoeff

    Somewhere between college and life, Jan began to focus on other people. Her intense need to feel accomplishment in her life drove her to finding a deeper contentment than just existing in the hoot 'n holler of southeastern Colorado. While the beauty of the prairie never escaped her eye for color and beauty, the intensity of her desire kept her moving ever onward.

    Summers in Michigan and Tennessee brought her closer to something, but it wasn't until much later, as an adult, mother of four that she began to understand that her need for accomplishment included sharing what she had learned along the way. It also meant that her talent for painting the dream and writing her thoughts had a lot to do with her accomplishments.

    She began to focus on actually writing down her thoughts and ideas in journals, revealing her prayer thoughts and life events. Bits of paper became treasures of memory, and a notebook became an outlet of hope and a step of faith. Jan put her thoughts on paper, and began to publish them, where she found opportunity, including various magazines, trade journals, and local publications. Her interests in business and new enterprise became a resounding outlet for her talent, and wisdom for those who sought it. Jan's interest in business development became her trademark, resulting in her first book publication in !992, "Building a Business: From Scratch". This 22 page booklet was published by a local printer in a vertical brochure format, selling more than a thousand copies nation wide. It has resurfaced in college classes as the basis for college term papers, graduate thesis, and research documents for small business courses over the past 13 years.

    Seeking more diverse outlets for her talents, Jan most recently has written several short stories published in various books, including: "Stories for the Trail" with the Lamar Writer's Group, "Prickly Points of Life" a combination poetry/short story collection of Jan's work, and "Coffee Clatter" a bound collection of written works originally published in a newsletter published by her daughter, Brenna, as a Sophomore Year Project when she was homeschooling at Buchanan Academy.

    More recently her work is available in a newsletter she publishes weekly via email, and various blogs listed on the right side of this page.

    You may contact Jan at: janverhoeff@yahoo.com

     
     
     

    Related Articles

     
    What Do Free Debt Counseling Services Offer?
     
    Financial Aid Award Letters 101
     
    Debt consolidation secured loan
     
    Will my Home be at Risk if I take out a Secured Loan?
     
    Consolidate Private College Loan
     
    Fundraising Products for a Fast Fundraiser
     
    Property Loans - For Greater Flexibility And Freedom
     
    Mortgage Borrowers are Feeling the Squeeze
     
    How To Find The Perfect Bad Credit Mortgage Loan And Bad Credit Mortgage Company?
     
    How to Compare Secured Credit Cards
     
     
     
     
     

    Risks and Benefits of Variable Life Insurance

    One of the most popular forms of life insurance is the variable life insurance policy. With variable ... - Evan C Davis
     

    Clearing Up Myths About Penny Stocks

    Learn the truth about some of the most common myths surrounding penny stocks. (19/06/2006) - Jason T. Brook
     

    Avoiding Forex-Related Frauds and Scams

    Marquez, author of The Part-Time Currency Trader, wants you to take precautions when shopping around ... - Marquez Comelab
     
     

    Health Insurance Policies

    Health care has become very expensive these days. Health care insurance helps to provide security fo ... - Peter Emerson
     

    Auto Loans and Finance for All!

    If you are looking for an auto loan to finance your purchase then there are a plethora of online por ... - Imran Khan
     
     
    Site Home >> Privacy Policy >> ToS
    © 2006-2008 www.findarticlesplus.com All Rights Reserved Worldwide.