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Tax Deduction Consulting: Home Internet Business Wasilla AK

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
11409 Business Blvd # 1201
Eagle River, AK

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Liberty Tax Service
(866) 871-1040
2207 E Tudor Rd # 35
Anchorage, AK

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H&R Block
(907) 789-9898
3017 CLINTON drSTE 100
JUNEAU, AK

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Logan General Tax Practice
(907) 789-3894
2245 Jordan Ave
Juneau, AK
 
H&R Block
(907) 338-4848
7731 E NORTHERN LIGHTS BLVD
ANCHORAGE, AK

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Mr. Micah Vincent Shilanski (RFC®), CFP, CSA
(907) 278-1351
431 W. 7th Avenue Suite 100
Anchorage, AK
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Shilanski & Associates, Inc.
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Years of Experience: 9
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IARFC
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Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Retirement Planning, Tax Planning, Tax Returns, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, Mortgage Loans, CommOptions, Collectable Coins , Precious Metals, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Education Plan, Healthcare Accounts, BuySell

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Liberty Tax Service
(866) 871-1040
322 Muldoon Rd # B
Anchorage, AK

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Hutton & Hauber Tax & Accounting Services Inc
(907) 789-3091
9340 Glacier Hwy
Juneau, AK
 
Liberty Tax Service
(866) 871-1040
11409 Business Blvd # 1201
Eagle River, AK

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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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