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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 - The law does...


    (Page 16 of 17 )

    The law does not require you to keep your records in any particular way. Keep
    them in a manner that allows you and the IRS to determine your correct tax.
    You can use your checkbook to keep a record of your income and expenses. In
    your checkbook you should record amounts, sources of deposits, and types of
    expenses. You also need to keep documents, such as receipts and sales slips,
    that can help prove a deduction.

    Keep your records in an orderly fashion and in a safe place. You will need to
    keep them by year and type of income or expense. One method is to keep all
    records related to a particular item in a designated envelope for easy access and filing.

    You have many record maintenance options available to you, from expensive,
    pre-bundled software to a simple spreadsheet or even a handwritten, spiral
    notebook. If you use a computerized system, you must be able to produce legible
    records of the information needed to determine your correct tax liability.

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