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ONLINE BUSINESS HELP

Deducting the Home Office
By: Marvin Mitchell
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    2006-01-18

    Table of Contents:
  • Deducting the Home Office
  • Home Business Related...
  • Deducting all or...
  • Such advice is...
  • It's worth your...
  • The IRS Return...
  • In another, abusive...
  • Review your return...
  • What should a...
  • Also, for the...
  • Such necessary expenses...
  • Individuals who do...
  • Joan started an...
  • Plus, and this...
  • Record Keeping...
  • The law does...
  • In addition to...

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    Deducting the Home Office - Joan started an...


    (Page 13 of 17 )

    Example

    Joan started an e-Commerce business and grossed $60,000 this
    year. With a portion of her income, Joan made the following
    purchases. She spent $20,000 on current expenses, which
    included: print advertising (such as business cards, letterheads,
    invoices and yellow page advertising in phone directories);
    computer equipment; furniture and office supplies (paper, printer
    ink, staples, paper clips and such). Joan only has to pay taxes on
    the remaining $40,000 her new business generated. The $20,000
    in deductible expenses she spent on business related items are
    needed to help her home based business survive and possibly
    even flourish. Had she earned $60,000 from an employer, Joan
    would have to pay taxes on a higher percentage of her earned
    income, and quite possibly, the entire $60,000.

    Hobbies
    You cannot deduct expenses related to your hobbies. In other words, for the
    activity’s expenses to be allowable deductibles, the activity must be profitable
    within a few years of starting up.

    Hobby activities have to be directly related to eventual sales, such as hot rod
    cars or horses; but even then, the items you are trying to deduct must cost over
    $500 each and must be perceived to be useful for more than one year into the
    future.

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