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As someone starting up a small business what do I need in order to be able to take off one bedroom of a two bedroom rental as a business expense?
Wiki User
∙ 15y ago
== IRS codes state you may deduct the percentage of your house expenses that you use for the business. If your house is 2000 sq ft and you use two bedrooms that total say 500 sq ft just for this example you may write off 25% of your house related expenses such as electric, insurance etc. Check with your accountant for more deductions as there are some great ones for home based businesses. == When declaring part of your home as a tax deduction, you have to make sure that part of your home is used for business only. For example, you can't declare a spare bedroom as a business expense if you also use it for other things, such as storage for household items or even for over night guests. The only items that are allowed in that room are things relevant to your business, with the exception of things that would normally be found in a public office (photos, etc.). Also, people with home based businesses are sometimes flagged for IRS audits more frequently than those who work in a public environment.
Wiki User
∙ 15y ago
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The IRS allows an expense deduction of 50.5 cents per mile, so that would be a good basis for what you can cherge someone for driving as well.
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play games
