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Tax Deduction Consulting: Home-Based Businesses Manchester NH

For a variety of reasons, more people are working out of their homes. This means you need to understand the allowable tax deductions for home-based businesses. For home-based businesses, it is important to know what can be filed as tax deductions so as to save as much as possible when it comes time to file those tax returns.

Mr. James E. Knee (RFC®), MBA
(603) 224-1010
6 Loudon Road, Suite 505
Concord, NH
Company
Sterling Financial Services, LLC
Qualifications
Education: B.S., University of Bridgeport;MBA, Southern New Hampshire University;Advanced Certificate in International Business;Series 24 Registered Principal License;Series 7 and 63 Securities License;NH Health and Life Insurance License
Years of Experience: 26
Membership
IARFC, FPA
Services
Invoice, Estate Planning, Pension Planning, Retirement Planning, Tax Planning, Tax Returns, Seminars Work, Employee Benefits, Education Plan, Asset Protection

Data Provided by:
H&R Block Inside Northside Plaza
(603) 628-1976
67 HAMEL DR UNIT B4A
MANCHESTER, NH

Data Provided by:
H&R Block
(603) 647-6974
1328 Hooksett Rd
Hooksett, NH

Data Provided by:
Melanson Heath & Co PC - Linda Imhoff CPA
(603) 882-1111
102 Perimeter Rd
Nashua, NH

Data Provided by:
Devereaux & Ean-Dixon Bookkeeping LLC
(603) 717-1214
PO Box 2794
Concord, NH
Prices and/or Promotions
10% off of individual tax return prep

Fishers Income Tax Svc
(603) 622-2057
616 Mast Rd
Manchester, NH

Data Provided by:
Danis & Company
(603) 656-9041
169 South River RD #14
Bedford, NH
 
Steele Associates
(603) 673-4660
54 Nashua St
Milford, NH

Data Provided by:
Kline & Company, CPA, P.C.
(603) 881-8185
141 Main Street
Nashua, NH
 
J Walker & Co LLC
(603) 224-4829
104 N State St
Concord, NH
Hours
Mon 09:00 AM-05:00 PM;Tue 09:00 AM-05:00 PM;Wed 09:00 AM-05:00 PM;Thu 09:00 AM-05:00 PM;Fri 09:00 AM

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Tax Deduction Consulting: Home-Based Businesses

Allowable Tax Deductions for Home-Based Businesses

For a variety of reasons, more people are working out of their homes. This means you need to understand the allowable tax deductions for home-based businesses.

Allowable Tax Deductions for Home-Based Businesses

When it comes time to file taxes, people look for every little thing they can to use as deductions on their tax forms. For many, finding these deductions can be critically to save substantial amounts of money from being paid in taxes and possibly to even lower the tax bracket the person falls in to. For home-based businesses, it is important to know what can be filed as tax deductions so as to save as much as possible when it comes time to file those tax returns.

Home-based businesses, just like any other business, are allowed to use normal business tax deductions. In addition, a home-based business may also take a home-office tax deduction although eligibility of this varies and must be looked at by the individual home business owner. Eligibility for the home-office tax deduction usually comes down to the business falling into one of three categories: the business is a sole proprietorship or a one-member Limited Liability Company, the business is operating either as a partnership or a multimember LLC electing to be taxed as a partnership, or when the owner of the business is also considered an employee of that business, as is common in C, S, and LLC's when the business chooses to be considered a corporation. Additionally, the home business owner must evaluate whether the rooms being used in the home-office deduction are used regularly and exclusively, meaning they are used often and either solely or mostly for business means.

However, whether a business can take a home-office deduction or not, a home-based business can still use the regular business expenses write-offs. These deductions including anything that is "ordinary and necessary" in terms of the expenses that are applied to the operation of the business. For instance, if you drive a lot out of your home-based business, the car being used and the amount of miles being driven (since fuel is used for this) can be used as business deductions. Also, office supplies used in the operation of the business, ranging from desks to paper to the computers themselves, are all eligible to be used as deductions. You can also deduct parts of your internet access bill and utilities.

Professional services, costs of financial services, cars, offic...

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