Cash Flow Planning for Life - Helping you reach your personal & professional financial goals.

Cash Flow Planning for Life

Helping you reach your personal & professional financial goals.

Archive for November, 2014

Home office business deductions is another area that has changed recently. The Internal Revenue Service has provided a $5 per square foot (max $1,500) standard deduction for individuals that qualify.

Business Deductions

This is the fifth installment of
Independent Contractor Taxes…Know Your Options.
It can be downloaded from our eBook library.

The rules to qualify for a deduction have not changed and you should review your situation with a tax professional before taking any deduction as it relates to a home office.

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Do you know your independent contractor business expenses? If not, see my eBook: 7 Things Every Small Business Owner Needs to Know for additional information on expenses. I will review below a few expense categories and taxes that I believe are common with self-employed individuals.

Independent Contractor Business ExpensesThis is the fourth installment of
Independent Contractor Taxes…Know Your Options.
It can be downloaded from our eBook library.

Ordinary business expenses including rent for an office, utilities for said office, supplies and equipment needed to run the business are deductible 100% against income earned. I’m not going to go into much detail here because if used only for the generation of the income it’s considered an ordinary expense.

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