2007-01-30 06:58:29 · 3 answers · asked by cordellz 1 in Business & Finance ➔ Taxes ➔ United States
The IRS has an article on this (#509) that covers what you can and cannot deduct when the home residence is used as a place of business.
http://www.irs.gov/taxtopics/tc509.html
2007-01-30 07:03:20 · answer #1 · answered by mktgurl 4 · 0⤊ 0⤋
If you have a bona fide business, you do not claim your business expenses on schedule A. They should be claimed on schedule C. You can claim all expenses that are ordinary and necessary to the production of income.
Itemized deductions and claimed on schedule A. These are nonbusiness expenses that the tax code allows you to deduct and include things like certain mortgage interest on your home, medical expenses, taxes paid, and charitable contributions.
I have included links to both schedule A and schedule C.
2007-01-30 15:12:10 · answer #2 · answered by Take Responsibility 2 · 0⤊ 0⤋
Expenses that were necessary for you to run your business and make money, or at least try to.
You might talk to a CPA for ideas on what you can deduct for your particular business. Since you didn't say what your business is, it's hard to give answers.
2007-01-30 15:03:24 · answer #3 · answered by Judy 7 · 0⤊ 0⤋