Deducting the Home Office - Home Business Related...
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Home Business Related Deduction Schemes
The Internal Revenue Service has issued a variety of consumer alerts regarding
home based business schemes that appear to offer relief from taxes.
Unfortunately, the reality of this is that the promoters of these schemes provide bad advice to unwary taxpayers, which if followed, can result in fraudulent business deductions and criminal tax avoidance.
Taxpayers, who own a home based business, have been warned to carefully
consider the consequences of filing a federal tax return filled with unallowable
deductions. Initially, many of these tax schemes appear quick and easy. Yet,
crossing the line with bogus business or non-existent business expenses will
eventually result in the business owner paying interest and penalties on top of
the taxes they owe. It pays to take the time to get it right the first time!
Some examples of personal expenses that are not deductible, but, are commonly
claimed as home business related deductible expenses include the following:
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