Business Tax Recovery Logo


Tax Deduction Consulting: Home Internet Business Manchester NH

The new IRS guidelines issued at this time allowed business write offs as long as the home was, among other things, used exclusively for business purposes. An internet based business certainly qualified under this provision. The question was merely how to estimate the part of your home expenses that were eligible to be write off deductions. Read on for details.

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

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

Data Provided by:
Steele Associates
(603) 673-4660
54 Nashua St
Milford, NH

Data Provided by:
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

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

Data Provided by:
Danis & Company
(603) 656-9041
169 South River RD #14
Bedford, NH
 
Melanson Heath & Co PC - Linda Imhoff CPA
(603) 882-1111
102 Perimeter Rd
Nashua, NH

Data Provided by:
Kline & Company, CPA, P.C.
(603) 881-8185
141 Main Street
Nashua, NH
 
Devereaux & Ean-Dixon Bookkeeping LLC
(603) 717-1214
PO Box 2794
Concord, NH
Prices and/or Promotions
10% off of individual tax return prep

Data Provided by:

Tax Deduction Consulting: Home Internet Business

Home Internet Business - Write Off Deductions

The use of the home as a business office has always been a red flag to the IRS for an audit. This has changed due to the increase in Home Internet business write off deductions.

In that far off era before the advent of the internet, many people would run into trouble with the IRS over the idea of claiming deductions related to a home office. The reason for this was that the IRS would consider your "home office" to be part of your business only if you actually met and served the majority of your customers in your home. If you were a plumber, for example, and had a home office, but did your plumbing work in the field, the IRS was most likely going to take a dim view of your deductions for the space in your home used for the office.

Around 1999, this changed and the IRS was more likely to consider home based deductions. The new IRS guidelines issued at this time allowed business write offs as long as the home was, among other things, used exclusively for business purposes. An internet based business certainly qualified under this provision. The question was merely how to estimate the part of your home expenses that were eligible to be write off deductions

Some of them are easy. Anything that is used exclusively for the business can be deducted as a legitimate business expense. This would include office supplies, advertising costs, and even fees for bounced customer checks. Anything that is for the business, and the business only, is a business related expense and can be used to reduce taxable income. The complications begin when you are estimating the percentage of your costs for things that are divided between your personal life and your business.

A telephone would be a good example of this. The best thing to do would be have two telephone lines. If you do not, you have to estimate the percentage of your phone use is for business and the percentage that is for personal use. Whenever you can avoid su...

Click here to read the rest of this article from BusinessTaxRecovery.com