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| *SoulEyes Photography>>>Sports Photography |
Does anyone know what can be deducted on taxes on a home based business.? |
I have an on-location sports photography business. I only do processing in my home. Everything you use to run the company...electric, internet, square footage...etc. EVERYTHING you use for the business! You can charge yourself "rent" for the portion of the house that you use for your business and use that as an additional tax write-off. Here is a list from a book I got at H&R Block: advertising, mileage, daily travel expense, commissions/fees, employee benefits, insurance, mortgage interest, other interest, legal/professional fees, office expenses, vehicles/equipment rentals, repairs/maintenence, supplies, taxes/licenses, travel, meals/entertainment, utilities/phone, wages. See IRS Form 8829 and instructions. It has a complete list and they go on this form anyway. Advertising, travel expenses, auto expenses (if you use the same car each time, such as oil changes, maitenance), supplies, depreciation for large equipment, tax preparation, postage expense, wages and/or labor paid out, insurance, mortgage interest on your home, utilities, legal fees, repairs, taxes and licenses. You'll need to know the square footage of your home and the square footage of the area used exclusively for business. When you divide the two, you'll get what percentage of utilities, mortagage, property taxes, etc you can take as a business deduction. |
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