This home office tax deduction can mean the difference between paying the IRS and getting a refund for many business owners.

 Over 20 million people work from home in the U.S. and many of them will not take the deduction for their business home office simply because they will not take the time to document their expenses.
 

 Don’t lose out on any of the your home business tax deductions.

It’s worth the effort to be able to take the home business tax deduction.

 Keeping your records is necessary because the home office tax deduction is easily disallowed if you are not able to produce the correct documents.

 The home office tax deduction is based on the percentage of your home that you use as office space. You will need to know the total square footage of your home and the square footage of your office space. This will include the space where you handle your administrative tasks, storage space and the area where the actual “work” the business does is performed.

You should measure all three of these spaces to figure out the total square footage of your office space. Let’s say the square footage of these three areas equals 400 square feet. Let’s say the total square footage of your home is 4000 square feet so the business use percentage of your home would be 10%.

 This number is important because you will be able to deduct 10% of your home’s monthly expenses. If you are renting your home, you would be able to deduct 10% of your rent and 10% of your utilities. If you purchasing your home, you would deduct 10% of your mortgage interest, real estate taxes, utilities, home insurance, repairs, security system, home owners association dues, pest control and depreciation of your home.

 Here’s the list of documents you will need to substantiate your home office tax deduction:

1. Settlement statement from the closing of your home sale…this tells the sales price of your home and the amount your depreciation deduction is based on.
2. Current Year Mortgage Statement
3. Property Tax Statement
4. Utility Bills (Gas, Electric, Water, Sanitation, Internet)
5. Proof of Home insurance payment
6. Receipts for Office Repair/maintenance such as painting, pest control and carpet installation.
7. Receipts for repairs that cover the whole house like heating/air conditioning system and roof
8. Receipts for Office furniture like desks, chairs, bookcases and file cabinets
9. Receipts for Office equipment like computers, printers, faxes, etc.
10. Receipts for Office Decor–Plants, paintings, posters, knick-knacks

To find out what square footage of office space you will be able to write off and how to claim it properly as the home office tax deduction, check out chapter 7 of my ebook, “Pay Yourself Instead of Uncle Sam!”.

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The tax laws are always changing. At  Abundant Returns Tax Service, we make it our business to stay on top of all the changes. If you have a question about any new business tax law, please email or call us and we’ll let you know what’s going on.

If it’s a change that affects our clients, we usually send an email to let them know. If changes need to be made in their strategic tax plans, we have them come in for a free consultation.

So no matter what happens with the tax law, we’re always in the know.

All the best,

Larisa

www.abundantreturns.com

info@abundantreturns.com

No matter where you’re located, we can prepare your business taxes accurately because we’ll do the research necessary to make sure their right!

We are already experts in preparing federal business taxes. Our software is programmed to transfer that information into the state, city and local tax returns.

Every state, city and locality has different tax laws that apply to it’s constituents. Since we always do a variety of local business taxes,  we already know that we’ll have to spend the time making sure we get every detail right.

So no matter where you are in the United States, Abundant Returns Tax Service can help you with your business taxes.

All the best,

Larisa

www.abundantreturns.com

If you operate your business out of your home, you are entitle to a deduction based on the percentage of office space you are using. For instance, if you use 10% of your home as office space, you can write off 10% of your rent or mortgage, utilities, insurance, real estate taxes, home security, pest control, and depreciation of the home.

I have great chapter on home office deductions in my ebook, “Pay Yourself Instead of Uncle Sam”.

All the best,

Larisa

Abundant Returns Tax Service specializes in educating small business owners on how to arrange their affairs so that they tax maximum advantage of the tax laws. You don’t have to leave it up to chance. You can plan not to pay taxes.

First we would make sure that your business entity is serving you. Many people don’t understand that the tax laws differ depending on whether you choose an LLC, S-Corp, corporation, partnership or sole proprietorship.

Next we would set up programs to make sure you can properly deduct all of your business expenses. You would have a step by step plan that tells you how to document your expenses so you can write them all off!

Then there is not more stress associated with taxes because you will know you are getting the most out of your deductions.

We can show you how to make your business pay!

All the best,

Larisa

www.abundantreturns.com

The best advice any accountant could give you is to develop a strategic tax plan. You need to plan to not pay taxes. Stop leaving the process up to chance. You don’t have to hope and pray that you don’t owe, you can ensure it with just a little planning..

At Abundant Returns Tax Service, we first make sure your choice of business entity is serving you. Sometimes, you get better tax breaks depending on how your business is set up. Next, we fiind the programs that you can use to translate your expenses into proper tax deductions. Then we calculate based on your best estimate to make sure you will come out on the winning side. 

www.abundantreturns.com

All the best,

Larisa

Abundant Returns Tax Service (www.abundantreturns.com) makes tax for business much more pleasant. You’ll feel much better about it if you have a plan and know exactly what to do throughout the year. This is accomplished with our tax planning service. We first of all make sure your business entity choice is working for you. Next we set up programs that will yield tax deductible expenses for you. Then we make sure you get the biggest refund possible or keep you from paying, whichever the case may be.

All the best,

Larisa

At Abundant Returns Tax Service, we specialize in making sure you keep more money in your pocket.

 We do this by making sure you write-off every deduction legally possible.

We make sure you take maximum advantage of the tax law.

 In addition, we offer tax planning so you will use the business entity that’s best for your business and have all the programs set up for you that will get you the biggest refund possible or keep you from paying, whichever the case may be. We are very thorough and detail oriented which is the key to making sure your taxes are accurate.

Although we are located in Atlanta, GA, we do have clients all over the U.S. We can handle everything either over the phone or through email, fax, mail, etc.

www.abundantreturns.com

All the best,

Larisa

Business tax planning can save you thousands of dollars each year for the rest of your life. This is the process of finding strategies that will keep more money in your pocket. You sit down with a tax planner and talk about your business, your life, your plans for the future, your family and their activities. Then your tax planner will show you all the programs you could put in place to save money and get bigger business deductions.

These programs could include a medical reimbursement program, renting your home office, vehicle and equpiment to your business,  daycare & college tuition plans, employee fringe benefits, retirement plans, auto expenses reimbursement plan, strategies with multiple business entities, and much, much more.

All the best,

LARISA

If you can find a good business tax attorney, he (or she) is worth their weight in gold. Tax law is a highly specialized area and it demands a lawyer that has experience dealing with the IRS and who stays on top of the everychanging tax law.

 Additional taxes, interest, and penalties are just the tip of the iceberg for making tax-related mistakes.  An audit can be a very expensive procedure.  Having to put together records before an audit because of poor record keeping practices can lead to an audit — an expensive procedure that can require countless hours of record-gathering and preparation.

How do you know if you need a tax attorney?

If you have a large tax obligation that you cannot meet. If you have been unjustly assessed penalties and interest. If the IRS refuses to refund your money.  If you have tried to deal with the IRS regarding your problem without success. If you have tried to utilize the Taxpayers Advocate service without success. If you feel like the IRS is giving you the run-a-round, a good tax attorney will know how to get their attention and make them sit up and beg.  

I would recommend seeing a tax preparer before seeing a tax attorney. The reason for this is the tax preparer may be able to solve your problem without charging you the high rates the attorney would charge.

All the best,

Larisa