What are some tax deductions I can claim for my home business?
An example of an AI chatbot conversation about home business tax deductions.
What are some tax deductions I can claim for my home business?
You can claim deductions for home office expenses, supplies, utilities, and even a portion of your mortgage interest.
How do I calculate the home office deduction?
You can use the simplified method, which allows you to deduct $5 per square foot of your home office, up to 300 square feet.
Are there any specific records I need to keep?
Yes, keep records of all expenses related to your business, including receipts, invoices, and any relevant financial statements.
What if I use part of my home for personal use?
You can only deduct the portion of your home that is used exclusively for business purposes. Make sure to separate those expenses.
Can I deduct my internet and phone bills?
Yes, you can deduct the portion of your internet and phone bills that are used for business purposes.
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