Deducting the Home Office - Also, for the...
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Also, for the purpose of this article, “contractors”, as described above, are
assumed to be home based business owners and entitled to all deductions
detailed here. However, we strongly recommend that any contractor contacts an
accounting professional for assistance in determining whether their status is
either as an employee or contractor.
In addition, if you are a contractor and responsible for filing quarterly estimated tax payments, you might need professional guidance to establish these filings and further aid you in calculating which home based business expenses are allowable tax deductions for you and your business.
Any legitimate expense used to insure that your business succeeds is deductible
from your federal income tax and many of them are 100% deductible. Since
every deduction will be subtracted from the gross income your business
generates, it is absolutely essential for you to learn how to correctly identify all of your allowable expenses.
As a business owner, you will find it is impossible to operate without purchasing equipment and supplies. You may even find yourself having to take a business trip to attend a seminar or to close a deal.
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