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About Self-Employed Federal Income Tax Deductions
About Tax Deductions for a Hybrid Car Purchase
About Tax Deductions for College
About W4 Tax Withholding Forms
Are Disability Benefits Taxable?
Are Hobby Expenses Deductible Under Federal Income Tax Laws?
How Do Tax Write-Offs Work?
How to Calculate Federal Income Tax to Pay to the IRS
How to File a Tax Return
How to File Late Taxes
How to File Tax Returns in 2 States
How to File Taxes for Previous Years
How to File Taxes for Years Missed
How to File Taxes on Benefits
How to File Extra Income Taxes
How to Find Tax Forms & Instructions
How to Get a Copy of Last Year's Taxes
How to Pay Taxes on Side Income
How to Revoke a Child Tax Deduction
How to Use Legal Fees as a Tax Deduction
Net Income Tax Liability Definition
Penalties for Not Filing Income Tax
Tax Deductions for Business Use of a Car
Tax Deductions to Run a Business at Home
What to Claim on Income Taxes
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Summary: When running a business at home, keep track of tax deductions for office space used within the house and car mileage used for business trips. Find out how to make tax deductions when running a home business with tips from a tax consultant in this free video on taxes.
Ken Lewellyn is co-founder of Tennessee Business Services, Inc., a Tennessee bookkeeping, tax and consultant firm which provides bookkeeping, tax and business advisory services to...read more
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"Hi, we're here to talk about business deductions for a home-based business or running your business from home. There are a number of deductions available. We can...typically, if you're running a business from your home or have an office in your home, you can deduct the percentage of expenses equal to the percent of floor space that you're using for your home office. For instance, if you have a 2,000 square foot house and you're using 200 square foot of office space or perhaps you've got a small manufacturing in your garage or whatever, if you...as long as you're using exclusive...the area exclusively for your business, you can deduct that percentage of your expenses. For instance, the 200 square feet out of 2,000 would be 10 percent. So your mortgage interest, your utilities, these types of expenses that go with your house can be deducted as a business expense. Also, you've got the car expense, car allowance that typically most people will take the mileage option and keep track of their mileage and record which of it is for business and what business purpose it is. And then at the end of the year, they will sum up the miles and take the...whatever the going rate is for the IRS deduction of miles."
eHow Article: Tax Deductions to Run a Business at Home
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