What tax deductions can I claim for my home business?
An example of an AI chatbot conversation about home business taxes and deductions.
What tax deductions can I claim for my home business?
You can claim deductions for home office expenses, supplies, utilities, and business-related travel.
How do I calculate the home office deduction?
You can use the simplified method, which allows a deduction of $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, receipts, and a log of your business activities to support your deductions.
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.
When is the deadline for filing taxes for my home business?
The deadline is typically April 15th, but it can vary if you file for an extension.
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