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Tax Deduction Consulting: Home Internet Business Parkersburg WV

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.

Liberty Tax Service
(866) 871-1040
401 Grand Central Ave
Vienna, WV

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H&R Block Inside Sears At Grand Central Mall
(304) 485-4749
500 GRAND CENTRAL AVE
VIENNA, WV

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H&R Block
(740) 373-5418
474 PIKE ST
MARIETTA, OH

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Harold D. Vealey (RFC®), CLU, LUTCF
(304) 346-2154
910 Chester Road
Charleston, WV
Company
Vealey Financial Services
Qualifications
Education: BA
Years of Experience: 43
Membership
IARFC
Services
Invoice, Estate Planning, Business Planning, Pension Planning, Executive Compensation Planning, Retirement Planning, Medicaid Planning, Tax Planning, Seminars Work, Employee Benefits, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Charitable Planning, BuySell, Compensation Plans

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H&R Block
(304) 797-1216
3348 MAIN ST
WEIRTON, WV

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Bennett Tax Svc
(740) 423-1040
230 Washington Blvd
Belpre, OH

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Liberty Tax Service
(866) 871-1040
18 Acme St
Marietta, OH

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Mr. Gregory R. Metcalf (RFC®), RFP
(307) 723-5018
200 Ivy St
Weirton, WV
Company
Horizon Financial Group
Qualifications
Education: Ohio University, BBA FinanceCollege for Financial Planning's CFP Certification Professional Education Program
Years of Experience: 15
Membership
IARFC, FPA
Services
Invoice, Estate Planning, Portfolio Management, Pension Planning, Retirement Planning, Medicaid Planning, Tax Planning, Employee Benefits, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Education Plan, Healthcare Accounts, Asset Protection

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Liberty Tax Service
(866) 871-1040
3559 Robert C Byrd Dr
Beckley, WV

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Liberty Tax Service
(866) 871-1040
128 Emily Dr
Clarksburg, WV

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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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