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05/07/2013

Tax Deductions For Your Home-Based Business

The following is a list of tax deductions you may take for home-based businesses. You can deduct a percentage of many expenses based on how much of your home you can qualify for a home/office deduction. For example, if you have a 2,000-square-foot home and a 200-square-foot office, you could deduct 10% of many expenses.

Here are the most typical deductions:

  • A percentage of rent, if you rent or lease.
  • A percentage of your mortgage interest, if you�re buying your home.
  • A percentage of real estate taxes and homeowner association fees.
  • Household supplies and cleaning services for the business portion of your home.
  • Repair and maintenance of your home office.
  • Utilities (electricity, gas, water) attributable to the business use of your home.
  • Trash collection.
  • Furniture in your household that you convert for use in the home office.
  • Phone services, minus the base local service for the first line into your home. (Lines devoted to the Internet and faxing may be entirely deductible.)
  • Business use of your automobile from the time you leave your door.
For more information, see IRS Publication #587, �Business Use Of Your Home.�


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