Legitimate Home Based Businesses

Posts Tagged ‘home business tax deductions 2010’

Question: Home office tax deduction - I entered all the info in turbotax, but it doesn't show up.?

We have a Home Business - event videography. All my other expenses show up, but there is nothing under "Home Office" on the summary page of my business expenses.

Answer: Usually they will ask you a serious of questions such as: did you use this home office exclusively and regularly as your place of business. you must say yes. Also, keep in mind that if you are depreciating this home office, when you sell your home you will have to recapture the depreciation.

Home Based Business Tax Breaks for 2009, 2010.mov

Question: Saving to open a small business?

I would like to open a franchise or small business in early 2010. I am saving a lot of money per month, but want some input on tax-smart ways to accumulate the capital that I will need. It seems that the majority of ways to lower my adjusted gross income all involve locking away money until retirement age, which does not help me accrue capital now. Municipal bonds are great for the short term, but don't have any tax benefits except on the interest that I earn... half beneficial. I need something or combination of things that will lower both my AGI and allow me to save for the less than five year term efficiently. Ideas??

Answer: You don't need money to open a small business. What you need is experience, knowledge, a good business system, a good business plan to include a great marketing plan and good financial forecasts esp. cashflow forecast in order for other investors or banks to offer you a business loan. Money always follows a good business system, a good business manager and a good business plan.

Home Business Tax Deductions