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posted on:
2/3/2012 10:57:18 PM EST
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Schedule C Home Based Business
taxes, home based business tax deductions, expenses
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What can I deduct in taxes for my home based business? Go to IRS.GOV and print off a schedule C it contains some of the items you can deduct. It's called a profit or loss schedule.
Show a reasonable expectation to make a profit and you are in business. Have a separate bank account for your business. And keep your receipts for everything. Credit card statements or not enough, they only show name of store and amount but not what was purchased. Time and place events took place that generated expenses designed to earn income. Keep track of your time, your mileage, your expenses everyday.
April 14 you should be able to go to your tax preparer organized. They should be able to say oh I see how this works. This same information will be useful if you are ever audited. Therefore operate your business like a business. Have a calendar that shows your time and a folder to collect all of your receipts.
These habits will always keep you prepared for tax season.
Mark Granberry
www.ibourl.com/j8e
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