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This information applies where your home is also your principal place of business – that is, you run your business from home and a room is set aside exclusively for business activities.
For example; a small business operator whose main office is in their home
Running a business from home there are many tax deductions that you can claim, some of these are listed below.
Operating a business from home, you can claim a deduction for the following:
• The cost of using a room’s utilities, such as gas and electricity – these must be apportioned. If the business portion is based on anything other than the floor area (for example, on actual electricity usage) you will need to clearly document your claim.
• Business phone costs – If a telephone is used for business you can claim for the rental and calls, but not the installation costs. If the telephone is used for both business and private calls you can claim a deduction for business calls.
• Decline in value of office plant and equipment (for example, desks, chairs, computers) – if the equipment (such as a computer) is also used for non-business purposes, your claim must be apportioned.
• Decline in value of curtains, carpets and light fittings.
• Cost of owning or renting the house (such as rent, mortgage interest, insurance, rates). You can claim the portion of these costs that relates to the room you use as a place of business.
The cost of purchasing your online business from Social Stores Online is also a tax deduction.
Operating a business from home can be personally rewarding and very satisfying.
But the financial rewards and uncapped income earning potential, not to mention the tax benefits and deductions are also a big advantage and a big incentive to start a business from home.
Purchase your online business today from Social Stores Online and start earning tomorrow!