Deduct your side business

If you’re self-employed or have a small business on the side, you can take advantage of many tax deductions. The beauty is some of these mixed-use expenses would have been incurred anyway.

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Find out if you can write off the business portion of these expenses:

  • Business-related meals and entertainment
  • Mortgage interest or rent
  • Heat, hydro, phone and internet bills
  • Home cleaning supplies
  • Property taxes
  • Auto expenses
  • Office equipment and supplies, including computers, laptops, etc.

7 comments on “Deduct your side business

  1. Cool allocation man! Through reading about this post I've come to know some valuable information about business which will be handy for every business owner. Thanks mate.

    Reply

  2. To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your trade or business. A necessary expense is one that is helpful and appropriate for your trade or business. An expense does not have to be indispensable to be considered necessary.

    Reply

  3. I am a sub-contract employee for a virtual company and I had to buy a pc, furniture and fax etc. Are these items something I can use for next years tax?

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  4. These deductions are welcome in any kind of business. Even if it your main one – spending money on unnecessary things is something not many people are able to control.

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  5. I did not know about the mortgage and bills.
    Thanks for that information.

    Reply

  6. Its really important that we have to stop unnecessary expenses its difficult but we should do this

    Reply

  7. I have heard that in some states there are tax deductions based on how many handicap employees you have hired. I think it’s a good idea to give them a chance of normal living!

    Reply

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