Personal income tax deductions explained.
This entry was posted on Tuesday, May 25th, 2010 at 8:35 am and is filed under US Tax Questions. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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#1 written by nylefc May 25th, 2010 at 08:35
For accounting purposes, personal expense is separate for business purposes. Therefore, you cannot deduct personal cash outs against your business or vice versa.
If your office is part of your house, then you may find it hard to prove it to the IRS—for more advice, see a CPA or a tax expert.
#2 written by suellenh May 25th, 2010 at 08:35
Only if you work at home in this office because you own a business or because your employer requires you to work at home. There are other requirements too, so check these out…separate door, clients in the office, etc.