If I have a business in my home, in the US, what kind of receipts do I need to save for tax purposes? Can't I claim part of the utility bills, business lunch receipts, what about gas mileage and how should I track that? Thanks!
2006-10-14 09:34:14 · 5 answers · asked by Curious George 3 in Business & Finance ➔ Taxes ➔ United States
I agree with the previous two answers. I would add, however, that you must keep a detailed mileage log - start and end points, mileage travelled, purpose and persons met if relevant. You should also record persdonal mileage as it may be advantageous to claim a percentage of actual expenses rather than just applying the standard mileage rate to your business mileage.
If all this seems a bit daunting, I have a client who uses (I believe) Quicken to keep his mileage records. It does it quite neatly too. That might be worth a look.
2006-10-15 04:27:41 · answer #1 · answered by skip 6 · 0⤊ 1⤋
Save EVERYTHING!
You can deduct a portion of your utility bills for your home office, and it is based on the size of your home, and the percentage of your home that your home office takes up.
Tax information isn't there yet (but soon will be), but you can find alot of home business resources and information at http://www.realworkathomeinfo.com
2006-10-15 13:15:06 · answer #2 · answered by Anonymous · 1⤊ 0⤋
Just about everything. If you have a room set as an office you may even be able to write off part of your morgage. Phone bills, utilities, all expenses. Save it all, you will be shocked what you can write off and it's all legit.
2006-10-14 17:34:39 · answer #3 · answered by missy 3 · 1⤊ 1⤋
Save every single reciept you can reguardless of what it is. Get other peoples reciepts if you can. Then at the end of the year, take your reciepts to an accountant and they will figure out a way to use them and save you money.
2006-10-14 15:59:58 · answer #4 · answered by Hindu Guy 2 · 1⤊ 2⤋
It would take way too long and too much detail to answer your question. That's why you aren't getting any responses.
2006-10-14 10:11:07 · answer #5 · answered by porkchop 5 · 0⤊ 1⤋