Keeping Track of Your At-Home Business Expenses
Author: Jan Kovarik
If you are new to working at home, then you might not be aware that you can legally deduct many types of valid business expenses, such as paper supplies or the second phone line you install for your business, on your self-employment income tax return (and thereby reduce your taxable self-employment income). This article concerns only general expenses and will not deal with how to determine and deduct expenses that relate to your in-home office space or depreciable office furnishings/equipment. That is a conversation for another day (and by someone better versed in the IRS rules!).
First, let me congratulate you on the fact that you are working at home! Whether it is part-time, full-time, or just a...
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