Home Business: It’s Tax Deduction Time

Hopefully, you are taking a few minutes to look beyond the holiday (and the possible breakdown) to tax time. Now is a good time to organize some of your home business information and documentation — if you haven’t been all year. Just do a little bit at a time so that you don’t feel overwhelmed. Some things to think about include the following tax deduction possibilities:

* Home office supplies

* Computer

* Business travel expenses

* Car or truck

* Trade subscriptions

* Cell phone use

* Child care

You can also take a deduction for your Internet use and part of your mortgage — the part that encompasses your home office. Tomorrow and early next week, we will take a look at how to take the tax deductions for your Internet use and your mortgage use.

If you are unsure about whether you can take a deduction (you should be using deducted expenses for business purposes only), you can contact the IRS or consult a tax professional.