ON THE MONEY: Tax deductions for a home officeSeveral tax benefits accompany running a home-based business, especially when it comes to business deductions.
By: Chuck Myers, McClatchy-Tribune News Service
Several tax benefits accompany running a home-based business, especially when it comes to business deductions.
But the rules governing home-based business deductions aren't always easy to understand, and they require keeping a good record of all business-related expenses.
If you own and operate a business out the home or would like to start a home-based business, a number of Web sites contain information on home-based business tax deductions. Here are a few:
Features requirements for home office deductions and where to claim costs.
_ Internal Revenue Service
Select "Small Business and Self-Employed 'Filing Season Central'" link to access a range of tax and filing information for the self-employed.
Covers the criteria for making home-office tax deductions.
_ Startup Nation
Discusses how home-based business write-offs work.