Hey everyone!

Wanted to ask a quick question for those of you who work out of your home. When it comes to tax time, do you write off your home as a deduction? What about office furniture/equipment or even your car?

thanks in advance.

You'll have to verify with the tax bureau in your own jurisdiction, but you are usually permitted to write off any area (calculate square footage) of your home that is dedicated to work. Additionally, a corresponding percentage of your utilities may be written off. You can usually write off purchases, including furniture, that are made expressly for your business, but don't expect to write off a new living room suite and that flat screen tv you've been wanting.

Depending on your business, you may also write off gas mileage or so many cents per mile/kilometer of your vehicle if the vehicle is used for business.

You must verify first the specifics permitted in your country, but variations of the above are commonly quite acceptable.

Tula

I believe in having the right advisors. You especially want a good accountant when you start making the big bucks. Make sure they are sharp and really know their stuff.

I agree with you and Tula...great advice. Always check with your CPA because it is possible to get a deduction if you have proof like receipts and bills etc...

I write off some of those items you mentioned...you just have to show proof, but everybody's situation is different. Best to get some professional advice.