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Finance, Business, Taxes, Economics, Jobs, Politics, etc. => Taxes => Topic started by: atari on October 19, 2008, 09:22:25 pm


Title: What are common overlooked tax deductions on a home business?
Post by: atari on October 19, 2008, 09:22:25 pm
The 2009 tax season is approaching, so I have a question. If you have an independent business from home what are the tax deductions you can receive?

Title: Re: What are common overlooked tax deductions on a home business?
Post by: mod on October 21, 2008, 09:58:24 pm
People often forget about the following deductions:

  • Gas for vehicles used for business purposes,
  • Rent on the building - if you have your office in your garage, you can charge some (limited) rent to your business
  • Anything purchased to conduct your business - even the paper you buy to write notes on.

Title: Re: What are common overlooked tax deductions on a home business?
Post by: danisara on October 30, 2008, 08:09:51 pm
Is there any limit on how many receipts for gas I can deduct from my taxes?

Title: Re: What are common overlooked tax deductions on a home business?
Post by: mismas on October 30, 2008, 08:14:02 pm
I do not think there is any limit. But watch out for the AMT threshold. Getting your income below some 30k-ish for single could trigger AMT.

Also, as far as itemized deductions go, they won't do you any good unless you have more than $5350 of them (the standard deduction amount).