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Can your deduct your home office as an Internet Marketer?
The short answer: It depends! You need to dedicate a room in your home as your office. It cannot be used for anything but your business. No family sleep-overs. No bridge club parties. No extra room for when the kids come home from college. None of that. It must be documented. Save your receipts. Build an audit trail of your expenses. If you are using a phone for business, this is an excellent tool for establishing that you are conducting business from your home, as it lists phone numbers of your clients, customers and business associates on a 3rd party source document (your phone bill) Consider getting a SEPARATE phone for your business, just to be safe, and not "co-mingle" business with personal. Other deductions related to your residence come into play, once you have established the office as a primary place of business. An allocable portion of utilities, insurance, rent or mortgage (the interest/tax portion) and even maintenance, can be legally deducted. Use common sense. If your office is a 12 x 12 room in a 4700 square foot home, and you are attempting to deduct half of everything, you're in trouble! But don't overlook this powerful deduction just because you've heard how "tricky" it is. Just follow the rules. |
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