Oct
24
2011
Home Business Tax Deductions (100% Deductible Expenses)
www.daveanddawncook.com This video was created to give you a basic understanding and the benefits of Home Business Tax Deductions. Having a home based business gives you numerous ways to save additional funds that the typical employee can’t.
This article was published at Accounting Services of Charlotte, NC
Tagged 100%, Business, Deductible, Deductions, Expenses, Home
jennifertuazonifyOctober 24, 2011 at 5:59 pm
dougatOctober 24, 2011 at 6:25 pm
If I talk business on a couch, can I write off the couch?
lederhosen7October 24, 2011 at 6:49 pm
DaveandDawnC,
I thought this was the case, just wanted to make sure. Thanks for your feedback, I look forward to more of your videos.
I wish you much success in your Biz.
DaveandDawnCOctober 24, 2011 at 7:07 pm
lederhosen7:
The whole rent and utilities amount is not deductible, but the portion allocated to the percentage of your home that is used exclusively for business is deductible.
Both rent and utility deductions are not deductible though if their deduction creates a loss for your business or if your business incurred a loss before the deduction for rent and utilities. In this case, the allocated rent and utilities deductions can be carried over and possibly used in the next year.
DaveandDawnCOctober 24, 2011 at 7:42 pm
Hello,
Thanks for the question and I’m glad the information I provided was beneficial to you.
In answer to your question, yes, your rent and utilities are allowed deductions for the home office deduction.
In my next comment I’ll give you more important details since my comment is limited in length.
If you have additional questions, please let me know.
Again, thank you for your comment and your interest!
lederhosen7October 24, 2011 at 8:18 pm
Hey Dawn,
Thanks for your break down of these benefits. You mentioned a few that I would have overlooked if I had not seen your vid.
Question: I live in an apartment, can I deduct my rent, and utilities?
Thanks for your response.