You deserve a tax break today

October 19, 2006


Great advice for home office businesses from a recent article in Forbes.com (check out that crazy advertisement it flashes before actually seeing the article!). Thanks to Rich from the archives of the Business Opportunities Weblog:

Alterations to the tax code in 1999 made it easier to qualify for home-office tax deductions. For instance, engineering and construction types who spend lots of time in the field, but do most of their administrative work at home, can still qualify for certain deductions.

I don’t want to post the entire article here, and I don’t want to pretend I know very much about US tax law, but it’s certainly worth a read if you are running a business out of your home.  They are suggesting deducting infrastructure, home mortgage interest and property taxes, travel expenses, one-time office equipment purchases, and family members that are doing work for you. 

Can any readers suggest anything else that many of us may not consider?

 


about the author

Co-Founder & VP of Operations, FreshBooks Levi is a professional engineer with a BEng from the University of Victoria. Before co-founding FreshBooks as the VP of Operations, Levi managed projects at Apex Systems Integrators Inc., where his clients included Canadian Tire, Nestlé and Parmalat. Levi’s long term goals include: never losing the contest to wear shorts to the office for as long as humanly possible, some day growing back his mullet he had in the eighties and getting on the jumbotron at the Raptors game at least once a year.