Watercooler: Tax tips for home businesses
A variety of federal tax deductions can help an entrepreneur maintain and grow a home-based business. But the rules governing deductions aren't always easy to understand, and require good record keeping. Here are websites with useful information:
Bankrate.com • Discusses requirement for home office deductions, at http://bit.ly/8F4vsZ.
Completetax.com • Covers a range of home-office deduction topics, including qualifying for depreciations, at http://bit.ly/TN4fNk.
Financial Web • Spotlights tax tips for home office and links to IRS forms, at http://bit.ly/VNvN5G.
Investopedia • Serves up criteria for qualifying home-office tax deductions, at http://bit.ly/i6SwMS.
Internal Revenue Service • Provides overview of rules and requirements, at http://1.usa.gov/QQbtPj.