Tips from Thursday,
April 2, 2009
The Small Business tips today will benefit specifically those
who run home-based businesses.
- Keep
your income and expense records according to the categories used on the
IRS Schedule C form.
- Home
businesses should still have a separate bank account and/or credit card
for all business expenses.
- When
using part of home for business, at least part of a room must be
specifically for business use; if not a whole office space.
- Home-based
business owners can NOT deduct most, or all, of personal expenses as
business expenses. Anyone who claims so = schemer.
Daily Overview: Keep everything from your home business
separate from your personal, the IRS even requires it!
I am not a tax professional and have attempted to condense sometimes
complicated and detailed tax tips into 140 characters per line. My
interpretation may not be exact. Please contact a tax professional when doing
your taxes.
Some of the information above was obtained at AllBusiness.com.
Please contact the
IRSonline or via
telephone for all of your tax
IRS Telephone
Assistance for Individuals: Toll-Free, 1-800-829-1040
IRS Telephone
Assistance for Businesses: Toll-Free, 1-800-829-4933
IRS Telephone
Assistance for Exempt Organizations, Retirement Plan Administrators, and
Government Entities: Toll-Free, 1-877-829-5500
I post small business tips on my Twitter account each day, Monday
through Friday. This is a reposting of those tips.
If you enjoyed this post, please consider leaving a comment or subscribing to our free newsletter to receive future articles and information delivered directly to your email inbox.
