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It takes money to make money…

What things qualify as business deductions for taxes?

Any money spent to build, promote and operate your business. This would include  advertising, supplies, rent, internet, telephone, transportation, travel, wages, professional services, products, equipment, etc.

All the best,

Larisa

Let’s talk about tax deductions for home office…

A lot of you are constantly asking me what you can write off for home business tax deductions.  Here I’ll tell you the major categories but I encourage you to ask your questions and put your comments below.

Home business tax deductions are the expenses you incur to operate and maintain your office in your home. If you had rented an office space, you would pay rent, gas, electric, insurance, repairs, etc. Well, it’s the same in your home. Your deduction is based on the percentage of your home that you use as office space. If you use 10% of your home as office space, then you will write off 10% of your mortgage  interest, gas, electric, insurance, sanitation, real estate taxes, etc.You would also get a deduction for 10% of the depreciation of the home.

All the best,

Larisa