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How Can I Maximize My Home-Business Deductions?

Date: Tuesday, February 13 2007

If you have a home-based business or a home office, you can deduct a percentage of your residential real estate taxes, utilities, and telephone expenses. In addition, your auto, meal, travel, and entertainment expenses may be deductible if they relate directly to your business.

Always

maintain complete and accurate business records to document your deposits, income, expenses, and deductions. If the IRS audits your business, it may require you to demonstrate that each entry on your tax return is correct.

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