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Let The Company Corporation® form your Corporation or LLC, quickly and easily. Packages starting as low as $149 (plus state fees).

The Home Office Tax Deduction

When you use part of your home for business, you may be able to deduct a percentage of many of the costs of running your home, such as utilities, rent, insurance, depreciation, mortgage interest, real estate taxes, and some casualty losses, repairs, and improvements (if they relate to the part of the house you use for business). The home office deduction is available to renters and homeowners alike.

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audit

An examination of the financial records of a person, business, or organization, typically done to correct careless or improper bookkeeping or to verify that proper records are being kept. Businesses and nonprofits often undergo an annual audit by an independent accounting firm. The IRS also conducts audits, mainly to assess taxes owed.

More Definitions

Should my very small business incorporate in Delaware?

I have heard that Delaware has the most business-friendly corporation laws. Would I save money or gain other benefits if I incorporated my new two-owner business in Delaware, or is it better to do so in my own state?

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Work From Home Handbook
The Work From Home Handbook: Flex Your Time, Improve Your Life
Book / $12.59
eBook / $12.59

Working for Yourself
Working for Yourself: Law & Taxes for Independent Contractors, Freelancers & Consultants
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eBook / $25.19

Home Business Tax Deductions
Home Business Tax Deductions: Keep What You Earn
Book / $22.04
eBook / $21.99

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