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Home-Business Tax
Benefits
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Q.
A presentation I
recently attended said that by not having a home-based biz, I
was probably missing out on about $200 per month, in tax
benefits. What would be a good source to learn what types of
expenses are allowable as deductions for home-based businesses?
-- Dorothy Grupe
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A.
Dear Ms. Grupe:
There are some great tax benefits
to having a home-based business, but you must meet the criterian
set forth by the IRS. The first place you can look is online at http://www.irs.gov/forms_pubs/index.html .
I have also found
more down-to-earth explanations through Ernst & Young's
yearly publication - which can be found at your local bookstore
just after the first of the year. As always, when dealing with
the IRS and your taxes, is best to seek the advice of a
qualified tax accountant and/or attorney or an enrolled agent.
Best,
About
the PowerHomeBiz.com Guide:
 Tammy Harrison
is a successful home-based working mom for over five years.
She holds a degree from Mizzou in Consumer Economics. Her
business focuses on Marketing and Creativity for Small Businesses
as well as numerous other small businesses. For more
information, you may contact her at http://www.jdharrison.com
The opinions expressed in this column
are those of the author, not of PowerHomeBiz.com. Users should not treat the
Guide's response as legal, accounting, or professional advice as all answers
are intended to be general in nature. Such advice can only be properly given
by qualified professionals who are fully aware of a user's specific
geographical areas or circumstances, such as an attorney or accountant.
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