Home Business Expenses
with home business, once I add home business expense, I got less tax refund. ?
I use my home for small business. However every time I put in expense like cell phone or utilities, I got less refund. Before I put in any expense, I can get $4000 refund, but if I add cell phone or utilities expense $1500 for my home business, the refund will be lowered to $3600.
Also it won’t help on mortgage interest and property tax, since you already deduct them with your normal itemized deductions.
What’s the problem with this? I think atleast I can deduct some expense.
I am not getting EIC.
while the one answer is right about having less income could reduce you EIC, I would guess if I looked at your return, that you have entered % of your house for the business use form. If you use the home office form, it can reduce your sch A expenses (mortgage interest and real estate taxes) by the % you use for your home office. I would also suggest NOT using this form if you own your own home. Most tax preparers screw this form up. If you read the instructions CAREFULLY, it will tell you if you use this form you must recapture and pay gains tax (on an otherwise excluded gain) on the portion of your home that was depreciated or depreciable on the home office form. I would just fill out a sch C with your business expenses and leave off the home office deduction. You are opening yourself up to an audit. If you need more help, feel free to email me. here is my contact info
Michelle
Bird & Associates, Inc
taxgirl007@yahoo.com
www.taxgirl007.com
|
|
Expense Report Keychain $2.99 * Durable acrylic key chain is crystal-clear and double-sided so the artwork or message is seen twice. * Sturdy metal ring holds your keys securely. * Full color printed images or messages are included. * If you have new ideas or need help selecting text for your custom keychains please contact us. * Size: 2 1/8″ x 3 1/2″ (Approx. business card)… |
|
|
Visioneer RoadWarrior RW120 Color Mobile USB 2.0 VRS PDF TWAIN (RW120-WU) $214.99 The Visioneer RoadWarrior is the perfect companion for the mobile professional. Weighing just 10.6 ounces, it produces fast and easy 36-bit color scans to organize all of your receipts, business cards, documents and photos up to 600 dpi in all major file formats including searchable PDF. The RoadWarrior packs easily in a laptop bag and is powered by the USB port to scan wherever AC power is unavai… |
|
|
Quicken Premier Home & Business 2006 [Old Version] $89.99 QUICKEN 2006 PREMIER H & B… |
|
|
Kneading Shiatsu Therapeutic Massage Cushion $49.95 INCREDIBLE RELIEF!!! This black and silver all-business cushion gives a shiatsu massage that relieves those knotted muscles and stiff back. The unit can be used in the car, office or hotel by plugging into either a wall outlet (110) or the cigarette lighter (12 volts). The rotating balls have a deeply soothing effect on the muscles. This unit has the same effect as units costing hundreds more–but… |
|
|
Home Business Tax Deductions: Keep What You Earn $21.87 Keep your hard-earned money in your home business! Completely updated for 2009 returns Tax deductions are essential to any business, but even more so when your office is also your home. Don’t spend thousands on an accountant –turn to Home Business Tax Deductions and do it yourself! Home Business Tax Deductions will help you write off: your home office start-up and operating expense… |
|
|
1001 Ways to Cut Your Expenses $2.20 One of America’s most respected and renowned financial planners provides 1001 tips to help everyone–from CEOs to homemakers–save money. Learn which corners to cut in various areas of everyday life. Take the revealing self-test and assess where your money is being spent. Then allow the expert to guide you to the most effective and creative ways to save it…. |
|
|
Confidential Compensation: Increase Your Employees Take Home Pay While You Reduce Your Expenses. (Volume 1) $22.95 If you want to save money when it’s time to give your employees a raise, then read this book! Gina shows you how offering your employees a medical expense reimbursement instead of a raise will save both your employees and your company money…. |
