2006-11-17 14:02:36 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ India
YES
2006-11-17 14:11:29 · answer #1 · answered by RAMAN IOBIAN 7 · 1⤊ 0⤋
The IRS allows you to take home office tax credits; however, the space has to be used exclusively for business use not shared with kid's toys, cat toys or anything other than business. You can also take credits for utilities, computer depreciation, and other work related expenses by percentage of space as well. You should probably consult a small business tax professional (fees also deductible) who is on top of the IRS home business laws. The last thing you want is to get audited without a professional to back you up. It's not worth it with penalties and interest for the few bucks you get as a tax credit. Your key word is where you mentioned part time. A professional can help define that for you.
2006-11-17 22:25:42 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Indian tax regulations do not differentiate working from home or otherwise.
2006-11-17 22:47:53 · answer #3 · answered by cvrk3 4 · 0⤊ 0⤋
yes 50% of it, and depreciate your home
2006-11-17 22:04:41 · answer #4 · answered by Anonymous · 0⤊ 0⤋