Do you have a home based business or a home office? It definitely provides you with a lot of flexibility and probably saves you from going on to lunch everyday (like I do) and spending additional money. Another great savings can be the tax write-offs of a home office. But it's important to get a good tax professional that knows the tax laws and can knowledgeably advise you on how this home office could affect your taxes at the end of the year. The last thing you want is to get audited by the IRS and not have the proper records or to realize you've been claiming deductions incorrectly. For instance, did you know that if you sell the home you've been depreciating the space for your home office, the IRS requires that you "recapture" the appreciation? Basically, they don't want you to "double-dip" and get the write-off twice, so you'll need to adjust the profit you made from your house to make up for the depreciation write-offs for previous years. Certainly, I'm no tax professional so I can't stress enough the importance of getting professional advice. Here's a great article with 5 excellent points to get you started.
If you're interested in more information, or potentially selling your home, please contact me today. I can help you list your current home or find your next home with just the home office you're looking for!
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Tax Breaks for a Home Business
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