If you set up your business’s office inside your home, how will you go about deducting the costs of that office?
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Glenna Mae Hendricks. She is an entrepreneur and income tax consultant, so we get lots of good tax tips from her. She is an oenophile (“look that up in your Funk and Wagnall’s,” she says), and a wine enjoyment teacher/guide who also writes wine notes at the Allen’s Retail Liquors site. Her political thoughts (and occasional outbursts of domesticity) appear at Old Feminist and Wild-eyed Liberal.
Benjamin Jones- Entrepreneur Guide says
Thanks for writing this post. I just started a new venture and I have to store some stuff in my house. I knew about the deductions but this just reminded me to start keeping my records. I knew I was forgetting something. :)
maesz says
Well, Ben, I am glad we could be of service. Also, we appreciate your kind words.
When it comes to deducting anything on your tax return, good RECORDS are the single most important thing to have.