When you are preparing your home business for tax time, it can be difficult knowing what qualifies as a possible deduction and what doesn’t. Talking with an accountant in Jamestown, ND about your taxes can help you understand what is allowable and how you can best take advantage of these tax offerings. Your home business may be missing out on some key areas that qualify for deductions without your even knowing it!
Home expenses as deductions
With the help of an accountant in Jamestown, ND, you will have a good understand of what qualifies as a deduction when you are using a home office. Part of your rent or mortgage may be deductible if you have a dedicated space that is designated for your office. An accountant can help you figure out the amount you are allowed to take from your mortgage or rent to ensure you stay within the guidelines set by your state and the federal government.
A portion of your property taxes and home insurance may also be deductible if you are operating a home business that has a space dedicated to it in your home. Determining the percentage of these payments is best figured out by an accountant in Jamestown, ND, as they will know what is allowable and what best fits your home business situation.
If you have done repairs to the area that has been set aside for your business, you may be able to take a deduction on your home business taxes. But don’t try to guess whether your expenses fall under the allowable requirements. Work with an accountant in Jamestown, ND to follow the guidelines that have been set for home business deductions.
Technology and travel expenses
Items such as the Internet and your phone line, whether it is a landline or cell phone, may also be deductible from your home business’ taxes. You may be able to deduct all or some of these payments if they are used for your business. Work with an accountant in Jamestown, ND to determine what portion of these technologies is related to your home business.
Other items such as business meals or travel expenses are another category that can be used toward deductions on your home business’ taxes. An accountant in Jamestown, ND is experienced in handling these sorts of expenses and can help you understand what falls under the requirements set by the state and the federal government. While most travel expenses fall under a business deduction, it is best to be sure about what you are deducting.
By working with an accountant in Jamestown, ND, you will be assured you are following all the regulations and requirements for filing deductions for your home business’ taxes. An accountant will be able to give you a full understanding of what constitutes a deduction and some areas you may not have considered as business expenses. To have your taxes prepared by an accountant, call Craig S. Hanson, CPA. We offer tax consultations as well as payroll, tax preparation and accounting services.