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Women Working From Home


Women Working From Home
Bookkeeping Basics for the Home Office
Establishing good bookkeeping habits from the onset of your business venture is
not only good and sound business practice, but it can save you a huge headache
down the road – especially when it comes time to file your income taxes.
Some business owners choose not to manage their own bookkeeping. Some get a
real rush from working with figures! Even if you do not manage your own
bookkeeping tasks, this article will still prove to be of benefit to you. Whether you
manage your own books or outsource your bookkeeping, you will find yourself
having to deal with basic bookkeeping tasks on a daily basis.
The IRS allows certain deductions for maintaining a business within your home, as
well as for reasonable operating expenses. Basic bookkeeping entails keeping track
of all of your expenses.
If you spend at least 50% of your time actually working from a designated room or
other space within your home, the IRS will allow you can take advantage of home
office deductions. Storage space for your business is also allowed.
• You will be asked to provide the square footage of this space so that
proper percentages can be calculated.
• This allows you to deduct a certain percentage of your homeowner’s
insurance, property taxes, utility expenses, and other allowed
deductibles.
• Tax laws change each year, and with more tax payers working from
home, the IRS is gradually offering more perks. (See the Internal
Revenue Service site for more information www.irs.ustreas.gov)
Our list is not complete, but provides a starting point for your reference. The
crucial thing to remember about taxes is that it is imperative you keep track of all
receipts, invoices, and records that can be used in verifying your finances both
during the time you are filing and at such time you may you be audited.
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