Good post over at InfusionSoft:
Featuring links to some useful “Last Minute Tax Tips” For Small Businesses.
For those of you running your small business from your home, Score.com recommends to:
- Use your home office exclusively for business. The IRS won’t let you take a deduction for your kitchen, just because you use the kitchen table as your desk. You must have a separate room or partitioned area that’s devoted to business use.
- List your home address as your principal place of business, even if part of your business, like a warehouse, is outside your home. Make sure you have a desk, filing cabinet and separate phone line for your business.
- Store your merchandise or supplies on your property — in a detached shed, spare closet or your garage — instead of renting a warehouse. You’ll save on rental costs and get a tax break for the space you use.