|
  |
|
|
Get your brain around that Home Office Deduction
No need to worry about it. It's one of the more intimidating arenas of the tax law as it is so fraught with the possibility of abuse. Don't believe the horror stories. Taking a deduction for your office at home is hardly the end of the world. Or a green flashing light in front of a revenue agent saying "come on in!" Far from it. If you do your homework, and play by the rules, you can maximize the deductions available to you via the home office rules and still sleep at night. The bottom line: be reasonable. Don't try to deduct your entire house cost as a home office! That doesn't work. Learn how to allocate costs. Do it the right way. Are you using the room or rooms 100% for business? Are you playing by the rules? Do you document that behavior carefully throughout the year? Then you have nothing to worry about. See a professional first, before you get too far into the tax year. LISTEN to their advice and follow it. Don't push the envelope on what is deductible. Make a conscious decision about how agressive you are going to be. If it's a gray area, go ahead and deduct it, but just be prepared for a correction on audit. Don't fret about those. In fact, having something for the revenue agent to "take to the boss" so they can close the audit is a GOOD thing, not a bad one. For both you and the agent. Remember, less than 2% of all business tax returns are ever audited. The home office deduction is in the tax code for a reason. Use it! |
A really cool tax resource
No reactions yet.
Please login or sign up to rate this intel.
Please login or sign up to add a comment.
The copyright for this content entitled "Get your brain around that Home Office Deduction" has been specified by the contributor as:
All Rights Reserved
This content may not be copied, distributed or adapted by anyone under any circumstances.
|
 |
May, 2012
2008
January, February, March, April, May, June, July, August, September, October, November, December
2009
January, February, March, April, May, June, July, August, September, October, November, December
2010
January, February, March, April, May, June, July, August, September, October, November, December
2011
January, February, March, April, May, June, July, August, September, October, November, December
2012
January, February, March, April, May
|
|
Not a member yet?
Qondio is a powerful network for making it online. If you have a website to
promote, we can help.
Sign up and get in on the action.
|
|
Welcome to Qondio! Discover the awesome power this network can deliver by going to our About page. Or you could skip straight to the Sign Up form.
|
|
