A. As discussed last week, home-based businesses are skyrocketing, and women entrepreneurs are leading the charge. While tax deductions can certainly eat into your gross income, there are ways to minimize the tax bite. To ensure you don’t miss out on any deductions, it’s crucial to keep accurate records of your business expenses and save all your receipts.
To get an overview of tax-deductible costs for running your home business, be sure to check out IRS Publication 535, Business Expenses, and IRS Publication 587, Business Use of Your Home. These guidelines provide detailed descriptions of what qualifies as a home business and which expenses you can deduct.
