Home office equipment and supplies deductions.

[moneysense]

Formerly we discussed your home office deduction. Now lets discuss home office equipment and supplies deductions.

Keep track of in a notebook what all you have bought for your home office and also keep all reciepts with this notebook so that you have a very concise record of all purchases.

Computer software is now 100% deductible for the year in which it was bought. Always before you could take the depreciation only over a 3 year period.

Your computer if used primarily for your home based business can be deducted for depreciation on the computer itself.

Other deductions include: office supplies, equipment ie: printers, fax machines, etc.

Computer software of course. Plus your second phone line if used only for your computer used only for business purposes. If you work online, check to see if the cost of your ISP can be deducted.

Business related expenses such as classes etc can also be deducted.

[pennypinch]

This is great news for those who work at home. I work at home as well as work ouside of my home. It would be great to deduct some of the expenses. Thanks for the tips.

[dimetime]

Right now any tips to help us all save a little bit of money is really going to help everyone out. The deduction of working from home is one which I did not know of, though now that I am working from home and know this, it will help to save me a great deal of money.