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Home Business Tax Laws

Tax laws can be complex and one has to study them carefully and comply with all the requirements to avoid being penalised. Home business tax laws are no different and one has to have a thorough knowledge of them before you claim any deductions. First of all you should be sure that the business you are running from home qualifies as a home business according to Home Business Tax laws. There are certain strict rules and regulations to be complied with, and all such information is available with the IRS department.

According to home business tax laws, you can qualify for home business tax deductions only if you use a part of your house designated for business purpose, exclusively for that activity. That part of your house should also be your main place of conducting business or the principal location where you meet with customers or clients and so on. This place should be in regular use for your home business and should not be a temporary location. You can also claim home business tax deductions if you use areas in your house for storing inventory and samples related with your business.

As per home business tax laws you can qualify for a number of deductions. You can deduct a certain percentage of property tax which you pay for your house. If you have a mortgage on your house you can deduct a portion of the mortgage interest. If you are living in a rented house or an apartment you are allowed to deduct a percentage of your rent payments to the house owner and also renter's insurance. If you own the place you can deduct part of the premium paid on house insurance. Again if you are the home owner you can claim depreciation on a part of your home. You can also deduct expenses on utilities and on maintenance and repairs. If you are making permanent improvements, the cost gets included in the figure you use for calculating depreciation. The depreciation of the house is then taken as one of the home business tax deduction.

It should be very clear that to claim these deductions one should comply precisely with home business tax laws. The IRS is known to be particularly strict with its rules regarding home business and if you have claimed deductions without meeting the requirements you can be targeted for a complete IRS audit and also heavily penalised.

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