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Taking Care of Business
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Old December 12th, 2008, 06:23 PM   #31
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I purchased my current home with my business in mind.
It is a 100 plus year old home in an historic district, that has a carriage house out back.
It has it's own utilities and such separate from the main house, which makes it perfect come tax time.
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Old December 13th, 2008, 06:01 PM   #32
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Originally Posted by Boyd Ostroff View Post
If you do writeoff your home office then I suspect the key will be finding a way to document that it's used solely for business.
Any tax man can take one look at my office with the editing workstation, the stacks of papers and the clutter of dusty video equipment, and that'll be all the proof I need. ;-)


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Old December 13th, 2008, 06:03 PM   #33
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Originally Posted by Boyd Ostroff View Post
Bravo! You and I are on the same page there. I think far too many people get hung up on saving money on taxes.
Sooo... if I go out and rent office space to generate revenue, I shouldn't deduct THAT expense?

Why is it different from a home office?


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Old December 14th, 2008, 05:29 AM   #34
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Any expense incurred in earning an income is deductible, while tax laws my vary between the U.S., Australia etc etc - the principle remains.

The quality of accountants is variable, like the quality of videographers - if you're unsure - call the tax dept, (or IRS) they can actually be helpful.
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