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What are common overlooked tax deductions on a home business?

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atari
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Posts: 121


« 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?
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« on: October 19, 2008, 09:22:25 pm »

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mod
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Posts: 526


« Reply #1 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.
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danisara
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Posts: 272


« Reply #2 on: October 30, 2008, 08:09:51 pm »

Is there any limit on how many receipts for gas I can deduct from my taxes?
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mismas
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Posts: 60


« Reply #3 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).
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