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More and more people are choosing a home based business as their main career then to work for a particular group or company. These home based businesses range from a catering service to a child or adult day care service provided in the home. Today’s generation is one of the popular generations to help themselves and become independent from everything and everyone.
There are so many benefits to owning your own home based business. You have the ability to create your own schedule, work around the kids, and become a contributor to the family income.
A home office is a tax benefit in several ways. You will need to establish a specific area in your home as a home office. You can have an office in the corner of the dining room or the living room as long as it is for business use. However, there is a caveat; if you use your home office for other reasons then you cannot deduct it for taxes. Spend a little money and have your home office built because you will get a majority of that money back at tax time because you can use it as a deduction.
Real estate taxes, mortgage interest, and home owners insurance is a major expense for everyone whether you run a business at home or not. However, if you run your own home based businesses you can use a portion of all of these to help you get more of a deduction. All you need to know is how large your home office is and your Manhattan CPA can help you determine what can be a deduction and how much.
Your utilities are also considered an expense. If you don’t keep track of your utility bills you will not be able to use this. Make sure that you keep a file just for utilities. You will want to keep track of all utilities.
Any furniture or fixtures that you purchase for your office, is considered a deduction so keep track of all receipts. You need to use these expenses in the tax year so you get the credit for them. If you are not sure what is deductible and what isn’t, ask your Manhattan certified public accountant to help you document the deductions and determine how much you will be deducted from your tax return.
About us: MEDOWS CPA, PLLC is a boutique New York CPA NY Firm serving the needs of Individuals & Small Businesses in New York City and throughout the nation. We work with the self-employed, freelancers, LLC, C-Corporations and S-Corporations to help them with their accounting and tax needs.
Jonathan Medows, CPA
MEDOWS CPA, PLLC
A Unique, Boutique New York CPA Firm Serving the Needs of Individuals & Small Businesses