No One Likes Filing Their Taxes. But, If You Have a Home-Based Business, Considering the Following Tax Deductions Can Make the Process Less Stressful.
You know what they say about death and taxes…
Like it or not, there is no avoiding either. Filing your taxes as a home-based business owner can be arduous. Multiple forms, complicated “tax speak” and conflicting information can make the process pretty complicated and stressful.
The good news is that some of the complications can be worth it in the form of tax deductions. Many home-business tax deductions are available for small business owners. Be sure to consult with a tax professional when filing, but don’t forget to look at these five tax deductions for home-based businesses.
1. Home office
The home office tax deduction is notorious for its stringent rules, but it can lead to big rewards for eligible small business owners. To qualify for the deduction, you must have a workspace in your home that is used exclusively for your business, which means that only around one-third of small business owners are eligible (according to IRS data). If you occasionally use your “home office” space for personal projects or if it doubles as a …Read More