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Tax Deduction Consulting: Home Internet Business Norfolk NE

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. Richard A. Strevey (RFC®), CFP
(402) 445-2288
14301 FNB Parkway #306
Omaha, NE
Company
Strevey Financial Services
Qualifications
Education: BS
Years of Experience: 34
Membership
IARFC, MDRT, FPA, NAIFA
Services
Invoice, Estate Planning, Business Planning, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Seminars Work, Employee Benefits, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Charitable Planning, Asset Protection, BuySell, Compensation Plans

Data Provided by:
Mr. Scott C. Taylor (RFC®), CHFC, CLU
(402) 571-1505
7216 Graceland Drive
Omaha, NE
Company
Midwest Capital
Qualifications
Education: BBA, CLU, ChFC
Years of Experience: 28
Membership
IARFC, MDRT, SFSP, NAIFA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Charitable Planning, Education Plan, Healthcare Accounts, Charitable Foundations, Asset Protection, BuySell, Compensation Plans

Data Provided by:
Hansen Accounting
(402) 333-1323
14625 Industrial Rd
Omaha, NE

Data Provided by:
Jackson Hewitt
(402) 933-1230
8413 West Center Rd.
Omaha, NE

Data Provided by:
AMERICAN TAX COMPANY
(308) 382-9442
116 W. 2nd Street
Grand Island, NE
Prices and/or Promotions
All Returns-One Price-More Money Back

Mr. Frank C. Bogacz (RFC®), EA
(402) 551-3423
4715 S. 80th Street
Omaha, NE
Company
Bogacz Tax and Financial Services
Qualifications
Years of Experience: 22
Membership
IARFC
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Retirement Planning, Tax Planning, Tax Returns, Seminars Work, Stocks and Bonds, Mutual Funds, Annuities, Life Insurance, Long Term Care Insurance, Compensation Plans

Data Provided by:
Mr. Chris E. Nelson (RFC®), CFP
(308) 632-7587
1701 First Avenue
Scottsbluff, NE
Company
Valley Financial Planning
Qualifications
Education: University of Nebraska-LincolnThe Metropolitan State College of Denver, CO
Years of Experience: 16
Membership
IARFC, FPA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Employee Benefits, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Long Term Care Insurance, Education Plan, Compensation Plans

Data Provided by:
Liberty Tax Service
(866) 871-1040
644 N Saddle Creek Rd
Omaha, NE

Data Provided by:
Metro Business & Tax Svc
(402) 330-3655
254 N 114TH St
Omaha, NE

Data Provided by:
Richard Martinsen
(402) 395-6004
1212 W State St
Albion, NE

Data Provided by:
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...

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