Knowing What and When to Deduct Expenses for Your Home-Based Business

Ever wonder if the television or iPod/iPhone docking station that you bought for your home office is tax-deductible? Ever wonder how much of  your home can actually be written off as “office space” without raising eyebrows and red flags at the IRS? It’s a possibility that your potted plant won’t qualify as a tax write-off, but your designated area may qualify for deductions for window treatments, wall covering, or if you decide to paint the walls. Some say it’s better to be conservative with your claims, while some would argue that if you are using the space and materials for your business, then deduct them. The best advice given was to consult a CPA who understands small business in general and home-based business specifically. It’s better to be well-informed than drowning in tax bills.

Read this article from the L.A. Times and learn more: http://www.latimes.com/business/la-fi-smallbiz-tax-20110815,0,7360673.story

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