Deducting the Home Office - Plus, and this...
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Plus, and this is very important, if you donít have a polished, written business
plan, the IRS wonít care what you are trying to deduct. Again, a professional
business plan is necessary, not just for the IRSís sharp eye, but for your home
business to succeed. If you donít have a visible business plan, you do not have
established guidelines for running your business.
If you fail to meet these standards, it is more than likely, the IRS will decide you are not running a business, but merely pursuing a hobby and deny your tax
deductions. So, again, hobbies are allowed very few tax deductions; but,
businesses can legitimately deduct many types of business related expenses.
You have been prepared with the information included in our overview and
you are ready to increase your knowledge of the fine art of business
related, IRS allowable tax deductions for your home based business.
Every effort has been made to include pertinent answers to a home based
business ownerís possible questions.
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