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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 - Review your return...


    (Page 8 of 17 )

    6. Review your return before you sign it and ask questions on entries you don't understand.
    7. Find out the personís credentials. Only attorneys, CPAs and enrolled
    agents can represent taxpayers before the IRS in all matters including audits, collection and appeals. Other return preparers may only represent taxpayers for audits of returns they actually prepared.
    8. Find out if the preparer is affiliated with a professional organization that provides its members with continuing education and resources, and holds
    them to a code of ethics.
    9. Ask questions. Do you know anyone who has used the tax professional? Were they satisfied with the service they received? Take up references if you have no personal connection.

    Tax evasion is a risky crime, a felony, punishable by five years imprisonment and
    a $250,000 fine. Incarceration may include prison time, home confinement,
    electronic monitoring or a combination.

    Is it wrong to deduct costs associated with home based businesses?
    The law allows individuals to claim legitimate business expenses. In order to be
    deductible, expenses must be ordinary and necessary expenses paid and
    incurred in carrying on a legitimate trade or business. A business must truly exist
    prior to claiming business related expenses. Legitimate deductions may be
    limited and could have a number of qualifiers or categories. Always seek
    assistance from qualified and legitimate tax professionals before claiming these
    deductions.

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