| Benjamin Franklin said, "The only things certain in life | | | | classification of a home is a house, condominium, |
| are death and taxes." Let's face it, he was right, neither | | | | apartment unit, or even a boat) that can be used as |
| one of these facts can be avoided, so we must make | | | | your principal place of business or where you meet |
| the best of both situations. I'm not one that likes to | | | | with clients or customers, then you are well on your |
| focus on death, but sometimes when it comes to | | | | way to meeting the IRS requirements for Home |
| taxes, the line gets a little blurred. Even though April | | | | Based Business tax deductions. |
| 15th for some Americans ushers in a state of fear and | | | | Let's face it, you are already living in your home and |
| panic, it can be a great day for home based business | | | | paying expenses on it, so why not turn part of it into a |
| owners. Come to think of it, home business tax | | | | business area. Your real estate property tax, |
| deductions may be just as certain as death and taxes. | | | | mortgage interest, utilities, home owners insurance, |
| With the economical down turn in America, more and | | | | depreciation of your home and repairs are all possible |
| more people are finding themselves with a reduction in | | | | deductions for entrepreneurs who own their own |
| work hours and some are even facing termination. | | | | home. Even if you rent, you can still claim some of the |
| Because of this, we as a society are being forced to | | | | same things that a homeowner does, and in most |
| find new and unique ways to bring in income. Some will | | | | cases, that might even include your rent payment. |
| try their luck at entrepreneurship by starting a Home | | | | Now you may have a reason to turn that den or |
| Based Business, but for others such an idea brings on | | | | spare bedroom into a home office, instead of clogging |
| a paralyzing fear of the tax beast. Choosing not to | | | | it up with Christmas storage. A detached garage or |
| start your own Home Business because of a fear of | | | | other separate structures may also be used if that |
| the taxman is like never leaving your house because | | | | building is used in connection with your trade or |
| of a fear of being struck by lightning. The IRS is an | | | | business. Storage areas of your home can also be |
| agency to be respected, not feared. I agree that tax | | | | included for deductions if you use them for storage of |
| laws and filing deadlines can at times be overwhelming, | | | | inventory or product samples. |
| but a successful merge of business and home can be | | | | Do you want to venture into the Home Based |
| a great marriage. It can also be helpful to you | | | | Business world and gain these tax advantages, but |
| personally when April 15th comes around. | | | | you are still scared of that lighting strike? Give yourself |
| Most self-employed individuals who operate a business | | | | peace of mind and contact your local tax professional |
| out of their home find it easy to qualify for home office | | | | or the IRS for clarification. Death and taxes may be |
| deductions. Most can qualify for deductions if they use | | | | certain, but now with the right knowledge of the |
| part of their home regularly and exclusively for | | | | rewards available, you can be certain as well. |
| business purposes. If you have part of your home (IRS | | | | |