Home Based Business Tax Deductions

Can i take deductions for a home based business beyond the revenue i brought in?

I under withheld in my regular full time job and owe alot in taxes...i have a part time home based business that i spent alot more on than i made, can i use deductions to offset the revenue as well as lower my gross income from my regular job? I read u can only use the deductions up to whatever the revenue was for the home based business?

Yes.
But you have to have detailed records.
If something is shared with the household, like phone, or internet service, or computer, Keep detailed logs.
Same for personal car used for business.
Get the IRS publication on in home office.

Space designated for office should be a room of its own.
deducat rent, heat, elect based on the ratio of Sq feet in office to sq feet in house.

Anything bought for making money and used in the office is deductible:
stamps, paper, toner (if not shared), chairs, shipping material, cost of business checking, safe, all telephone exculsive to business.
Professional magazines keep in office.
Pro rate property tax or rent.

Home Based Business Tax Breaks for 2009, 2010.mov

Keeping Up with the Trend; Issues Affecting Home-Based Business Owners: Hearing Before the Committee on Small Business, United States Senate, $20.43 Title: Keeping up With the Trend: Issues Affecting Home-Based Business Owners: Hearing Before the Committee on Small Business, United States Senate, One Hundred Fourth Congress, Second Session, April 23, 1996 Publisher: Washington: U.S. G.P.O.: For sale by the U.S. G.P.O., Supt. of Docs., Congressional Sales Office Publication date: 1996 Subjects: Home-based businesses -- United States Creative ability in business -- United States Income tax deductions for home office expenses -- United States Notes: This is an OCR reprint. There may be numerous typos or missing text. There are no illustrations or indexes. When you buy the General Books edition of this book you get free trial access to Million-Books.com where you can select from more than a million books for free. You can also preview the book there.

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