Solo professional Working From Home - What's Great About It, imagine #6 - Tax Advantages

Can I Deduct Property Taxes - Solo professional Working From Home - What's Great About It, imagine #6 - Tax Advantages

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I've been running a business from my home since 1990. While I don't know the first thing about tax law, I have had a Cpa to help me take advantage of the tax breaks for solopreneurs and home-based businesses. So I do know there are some tax benefits to the self-employed pro who works from home. There are so many benefits to running a business from your home. I've identified "eight great traits of being a home-based solopreneur" that I'm taking turns going into information on:
 

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Can I Deduct Property Taxes

1. Freedom

2. Flexibility

3. Lots of Variety

4. Less Stress

5. Lower Expenses

6. Tax Advantages

7. More control over Personal Time

8. Relaxed Dress Code!
 

The focus of this record is on trait #6 - Tax Advantages.

There are a estimate of tax advantages to having your home and office under one roof. If you had to choose just one pro to ageement with in your business, make it an accountant. This person can help you recognize all the tax benefits you're entitled to for a home business. Keep one thing in mind. These tax advantages apply only if you have a dedicated office space (in other words, not the kitchen) that is both your customary workspace and used exclusively for your business.

But when you have that set-up, you get to deduct a ration of your home's operating and depreciation expenses as a business expense. Ordinarily these deductions are a ration of your home costs based on the size of your office space. So if your home office makes up 200 square feet of your home's 2,000 square feet total, you can write off up to 10% of the mortgage interest for your home as a business cost. Other percentage-based deductions comprise mortgage interest, asset taxes paid for your home, homeowners insurance, and utilities.

There are other expenses for your home office that are wholly deductible, along with repairs and improvements to the office space, tool and supplies to equip the home office, a second phone line for the business, internet assistance and connection, and guarnatee on office equipment. And don't forget some of the unique expenses that come with working from home. Being at home may mean you must tour to and from your clients' place of business. You can typically write off that expense, at a cost per mile set annually by the Irs.

There are many other business expenses that an accountant can help you identify. In fact, the expenses you incur for an accountant or even software to have your tax return ready may be tax deductible! 

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