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Home Business

Whether you’re interested in going into business full time or just looking for a means to obtain supplemental income, a home business may be the perfect avenue. Having a home based business combines the best of both worlds, working for yourself and being in the comfort of your own home. Not to mention, although there will be operating costs and overhead, many of the traditional business expenses will be minimized or completely eliminated. Star-up costs are also minimized since there’s no need for one of the biggest expenditures, a separate location for the business. There’s also the opportunity for some extra tax write-offs if you meet specific requirements. See below for a list of requirements as well as possible tax deductions.

Requirements for tax deduction:

Specific part of the home is used regularly and exclusively for business purposes

Specific part of the home must be the principle place of business or location where clients or customers are met during the normal course of conducting business

Deductions include percentage of:

Home real estate property taxes

Mortgage interest

Rent payments (if not a home owner)

Utilities

Homeowners or Renter's insurance

Home depreciation (if owned)

Painting and repairs.

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