Comments on: Home Business Tax Deductions (100% Deductible Expenses)

By: lederhosen7

lederhosen7 — Mon, 24 Oct 2011 20:18:34 +0000

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.

By: DaveandDawnC

DaveandDawnC — Mon, 24 Oct 2011 19:42:39 +0000

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!

By: DaveandDawnC

DaveandDawnC — Mon, 24 Oct 2011 19:07:23 +0000

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.

By: lederhosen7

lederhosen7 — Mon, 24 Oct 2011 18:49:54 +0000

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.

By: dougat

dougat — Mon, 24 Oct 2011 18:25:21 +0000

If I talk business on a couch, can I write off the couch?

By: jennifertuazonify

jennifertuazonify — Mon, 24 Oct 2011 17:59:04 +0000