Is it true that if you have a business that you run from the home, that there are things you can write off for tax reasons? If so what things?

I would say to check with the IRS themselves at www.irs.gov . They have guidelines as to what is business use and what can be written off.

IRS Publication 587 will help. It goes in to:

Whether the expense is direct, indirect, or unrelated.

The percentage of your home used for business.

Deductible mortgage interest.

Repairs.

Security system.

Utilities and services.

and more...

Jonathan, Federal taxes allow for several deductions as long as you have a portion of you home designated 'only' for the business use.  Lots of details apply of course.
your phone bill, power bill, health insurance (in some cases) any advertising costs, there are quite a few that can be used IF you qualify.  State taxes vary.

Please visit taxactonline.com or some other tax online service, and read their material.  You can contact your local tax preparer.
Just make sure they are all legit though. :)
Saundra

Jonathan,

Several things have been mentioned here that are all valid deductions.

You can take a portion ( according to your business usage of your home), for instant if you have a 6 room house and you are using 1 room strickley for business, you can take that portion off of all your expenses.

Figure the % of your living area for this and then figure the square footage of the room.

One thing you do not want to forget is the automobile expenses, either milage or payment and maintance.

I find that it is easier to take the business miles, and of course you have to remember that 90% of your usage will be for business.  You will be traveling to let people know about your business.

 

Hi Jonathan,

There are different things you can deduct according to federal and your individual state. For the most part, where I live. I claim All office supplies, computer, ink, paper etc. A portion of utilities. Gas. Even if I have an emergency and have to go get some ink because I ran out. I take down the mileage. If I go to meet someone or have a meeting. Write down all expenses the you incur in relation to your business.

If you decide one day to meet someone for lunch to explain your business/service/product....save the reciept. That's PR expense. (business meeting) The list goes on and on. OF course, you have to know what is allowed by state also. So, the easiest thing to do is check with your local state tax office. Most of the time they are happy to take the time to explain/ answer your questions.

The best thing I ever did was start my own business!

Good luck,
Angela