All Fields Required

Top 3 Home Business Deduction Questions

Top 3 Home Business Deduction Questions

Posted On
February 25
By
SurePayroll
As a small business owner, there are many tax tips you can follow in the new year. With the April tax filing deadline closing in, now is the time to get organized and to answer any questions that may be on your mind.

As a small business owner, there are many tax tips you can follow in the new year. With the April tax filing deadline closing in, now is the time to get organized and to answer any questions that may be on your mind.

Do you run your business out of your home? Was 2014 the first year you did so on a regular basis? If you answered yes to these questions, you may have some concerns regarding home business deductions. Here are three of the top questions to answer:

    1. What is the home office deduction? As the name suggests, this is a deduction for having your office in the home. Rather than remain confused on this subject, visit this page of the IRS website. It has all the information you need.

    2. Is the use of my car considered a business expense? Just because you work from home doesn’t mean you will stay inside the entire year.

    Every time you leave your office you have to ask yourself the following question: is the trip related to my business? If the answer is yes, such as for a client meeting, you can deduct the standard mileage rate for business. For 2014, this was 56 cents per mile.

    The IRS shares more information on this here.

    Tip: keep clear records related to your business travel. You can write this in a notebook or use an electronic tracking device. Either way, you must be able to “back up your mileage claims” in the event of an audit.

    3. Should I keep receipts for deductible expenses? Nobody wants to hold onto piles of receipts and billing statements, however, this is important in the event of an audit. You want to be able to prove the expense, no matter what it may be, if the IRS comes calling.

There are many benefits of running a home business. At the same time, this will bring forth many tax related questions, such as those detailed above. Are you familiar with what you should and should not be doing from a tax perspective? Don’t leave any questions unanswered as your home business grows.


2 comments

Leave a comment
  1. hhcg | Nov 14, 2016

    Nike Air Jordan 11

    huarache sneakers

    scarpe nike

    ugg store

    ugg clearance

    sac a main michael kors

    pandora bracelet charms

    Jordan Sneakers For Sale

    Toms Shoes For Women

    religion store

    michael kors bags outlet

    Ugg Outlet Online Store

    moncler jacket sale

    air jordan

    official NHL jerseys

    adidas store

    new jordan releases

    longchamp bags on sale

    chaussures nike pas cher

    newest lebron shoes

    cheap nike air max

    pandora charm bracelet sale

    Canada Goose Sale

    moncler coats for women

    louboutin heels

    adidas schoenen

    Moncler Sale

    nfl store

    cheap uggs

    chaussures de foot pas cher

    toms shoes outlet

    canada goose coats

    moncler girls

    Uggs Outlet Store

    Jordan Future

    Sheepskin Ugg Boots

    ugg boots cheap

    Canada Goose Official Site

    air force one pas cher

    sac coach soldes

    zapatilla adidas

    uggs for women

    Anelli Pandora

    23 is back

    hogan rebel donna

    Coach Bags On Sale

    adidas outlet stores online

    zapatillas running

    Moncler Jacket Womens

    canada goose jackets for women

    adidas outlet

    Canada Goose Outlet

    ugg factory outlet

    nike jordan shoes

    fitflops sale uk

    cheap christian louboutin

    Nike Zapatos

    chaussure basket homme

    Cheap Michael Kors

    prada outlet

    abercrombie and fitch store

    toms sale

    Soccer Boots Outlet nike

    pandora jewelry store

    goedkope nike air max

    chaussure Nike homme

    reebok running shoes

    Toms Outlet Online

    pandora beads

    Ray ban sale online

    new yeezy shoes

    uggs for cheap

    Nike Store

    nike schuhe günstig

    nike mercurial soccer cleats

    tru religion jeans

    uggs outlet

    Jordan Schoenen

    nike chaussures

    canada goose jacket outlet

    oakley sunglasses clearance

    christian louboutin outlet

    Negozi Pandora

    nike sportschuhe

    ugg boots for women

    nike air max running shoes

    botas de futbol

    ugg outlet online

    canada goose vest

    nike sneakers

    pandora outlet store

    michael kors handbags on sale

    ugg boots outlet online

    Air Jordan Release Date

    vans shoe store

    nike sportschuhe damen

    Chaussure Nike Pas Cher

    Ugg Boots On Clearance

    zapatillas nike baratas

    pandora online

    nike sb stefan janoski

    Lebron 13

    Air Jordan News

    pandora rings

    nike free

    womens nike air max

    retro jordans for cheap

    canada goose online store

    longchamp tote bag

    coach factory outlet online

    cheap uggs for women

    Jordan Store

    zapatos de futbol nike

    Nike Online Store

    Canada Goose Sale Outlet

    converse store

    hyperdunk 2014

    australia uggs outlet

    nike tn pas cher

    nike damenschuhe

    Timberland skor

    Air Max 90

    Moncler Store

    canada goose kensington

    hogan scontate

    Canada Goose Online

    scarpe hogan outlet

    cheap real uggs

    Womens Ugg Boots

    australia uggs outlet

    ray ban wayfarer eyeglasses

    moncler outlet

    billige nike sko

    ugg boots classic

    Ugg boots Sale

    Uomo Hogan

    Moncler Outlet Online

    nike joggesko

    nike shoes

    new pandora charms

    timberland outlet

    adidas kläder

    cheap air max outlet

    nike air schuhe herren

    nike air jordan pas cher

    Orecchini Pandora

    nike air

    portafoglio michael kors

    canada goose sale online

    hhcg 11.14
  2. ahsan | Nov 03, 2016
    You are really great with this and I know so many people who have gained benefit from this info provided by you! One of them has an essayshop and he says that this really made things easier for him in the business. You are doing a commendable job, keep up with it!

    Leave a comment