Legitimate Home Based Businesses

Posts Tagged ‘home business’

Question: I own a second home in a location where I travel for business. What travel expenses can I deduct?

When I travel to the second home location, I stay in the property rather than renting a hotel. Can I deduct some costs associated with this property? For example, depreciation of the purchase price? What about office furniture? What about other furniture? Management fees, utilities, etc?
Thanks to all who responded. I did speak to an accountant per your suggestions. I ended up only deducting a few specific things here (such as a printer, desk, etc.). Most of the other items might have been OK but I wasn't sure so decided to play it conservative.

Answer: For business travel, many lodging expenses are tax deductible. This could be a HUGE deduction, so collect your paperwork and call up an accountant. Tell him you want a FREE 5 minute consultation, first of all. Say you want to know if your house can be tax deductible. If he says yes, then book a date right away. You'll probably have to invest alot into getting a good accountant before taxes are due, so make sure the deduction will be big.

See the Irs website: http://www.irs.gov/taxtopics/tc511.html

Ask Your Income Tax Advisor's Advice About A Scam Free Home Business Yearly Business Expenses!

Question: Where can I commission someone to design a logo for my small home crafting business?

I'm starting a business selling my crafts on Etsy. I have no income at this point and would like to have someone draw me a simple logo for $20-$50. Where would I find an amateur artist who would be interested in this sort of job?
Also, how can I make sure that I have all rights to reproduce this logo on my website, and at craft fairs?

Answer: Go to www.Guru.com or www.elance.com. You can post your project, and freelancers will offer you bids to get the job.

Anything that is an original artistic creation (it must be original) is automatically protected under American Copyright law, however it's still best to register your design with the Library of Congress ($25 fee) because you can't sue someone for copyright infringement unless the design is registered.

If you are going to use it for your company, and you expect to one day become a household name, you have to make sure competitors can't steal your image, so Trademarking is how you protect yourself in the corporate world. However, Trademarking is excessive for a small business that is just starting out. Stick with Copyrighting for now. © 2010

SMEDA: Women Business Fair Magic Show June 23 & 24 2009 at PC Hotel, Lahore Pakistan

Question: Is this a deduction or not?

I live in one state but work in another state.
I'm away from home (ever other month)six monthes out of the year working .
I work on a river boat so i live on the boat them six months.
I was told there my be a standard deduction for the upkeep on my apartment when I'm away working (rent ,utelltes,ect.) is this so ?

Answer: I've never seen anyone spell with a Texas accent.

(Are those the famous Mississippi river boats?)

You won't be able to deduct anything for your apartment. But you need to tell us how your job works. Is the boat the only place where you work, or is that a temporary assignment from another job site?

How to Save Money With Frequently Missed Tax Deductions