![]() ![]() The IRS recently simplified this deduction by making it $5 per square foot with a maximum of $1,500 for an office space of 300 square feet. Meaning you can’t claim the family room as your home office if the entire family watches T.V. The IRS qualifies a home office as being a space devoted solely to business activities and nothing else. Many people hesitate to claim a home office deduction, but they shouldn’t. For 2016, the deduction drops to 54 cents per mile. Keeping a notebook in the car makes it easier to keep track of your trips, but make sure to be very specific and include the date, purpose of your trip, and any mileage and fees.įor 2015, you can deduct 57.5 cents per mile plus any business related parking fees and tolls. It’s important to keep a strict record of all business related miles, tolls, and parking fees. If you drive for business, the IRS will reimburse you for some of the costs related to keeping your car on the road. Here are eight tax write-offs that may benefit your small business this year. It’s never a good idea to mess with the IRS, so be sure to check on current rules and regulations and consult a tax professional before jumping into deductions. If you are looking to keep more money in your pocket this year, it’s important to take all of legitimate tax deductions you possibly can. ![]() Tax time is fast approaching and for many small business owners, stress and worry are beginning to set in. ![]()
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