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Tax Deduction Consulting: Home-Based Businesses Wilmington DE

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.

Frank M. Levy (RFC®), CHFC, CLU
(302) 765-3500
205 Philadelphia Pike
Wilmington, DE
Company
Diversified Financial Consultants
Qualifications
Years of Experience: 34
Membership
IARFC, MDRT
Services
Invoice, Estate Planning, Business Planning, Pension Planning, Executive Compensation Planning, personal Coach, Retirement Planning, Tax Planning, Employee Benefits, Stocks and Bonds, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Group Insurance, Charitable Planning, Education Plan, Asset Protection, Compensation Plans

Data Provided by:
Joan L. Sharp (RFC®), CFP, CHFC, MSFS
(302) 324-5363
42 Reads Way
New Castle, DE
Company
Life Strategies, LLC
Qualifications
Education: BAMSFS
Years of Experience: 8
Membership
IARFC, FPA, SFSP
Services
Invoice, Estate Planning, Retirement Planning, Tax Planning, Charitable Planning, Asset Protection, Compensation Plans

Data Provided by:
Delaware Taxes Today
(302) 888-1976
712 N Market St
Wilmington, DE
 
Colbert Ball Tax Ser
(302) 543-4631
800 Vandever Ave
Wilmington, DE
 
Greenbank Tax Service
(302) 995-0923
210 W Market St
Wilmington, DE
 
Bill Curry
1521 Concord Pike
Wilmington, DE
Company
Company: Curry Poole Group, LLC
Type
Investment Advisor Rep: Yes
Registered Investor: Yes
Education
BS
MBA
JD
Years Experience
Years Experience: 42
Service
Pension for Highly Compensated Owners,Stock Market Alternative,Reverse Mortgage,Medicare Planning,Annuities,Alternative Asset Class Planning,Investment Consulting & Allocation Design,Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Hourly Financial Planning Engagements,Portfolio Engineering,Mortgage Refinancing,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Alternative Investments,Life Insurance,Investment & Portfolio Man

Data Provided by:
Keith Al-Chokhachy, Certified Financial Planner(tm)
2751 Centerville Road
Wilmington, DE
Company
Title: Certified Financial Planner"
Company: Morgan Stanley Smith Barney
Years Experience
Years Experience: 8
Service
Captive Insurance,Life Settlements,Pension for Highly Compensated Owners,Stock Market Alternative,Wealth Management,Health Care Insurance,Retirement Planning,Real Estate Investment Planning,Commission-Only Financial Planning (Full Disclosure),Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Hourly Financial Planning Engagements,Fee Only Portfolio Management,Wealth Engineering,Mortgage Refinancing,IRA, 401k, Roth IRA, QDRO Rol

Data Provided by:
Delaware Taxes Today
(302) 654-4848
712 N Market St
Wilmington, DE
 
Fast Tax Delaware
(302) 427-2844
725 N Market St
Wilmington, DE
 
Eller Tax Service
(302) 656-4787
2303 Lancaster Ave
Wilmington, DE
 
Data Provided by:

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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