If you started a business during quarantine first I want to say congratulations on creating a stream of income for yourself. We all need multiple streams and sources of income in this forever changing economy. Now is the best time to purchase supplies for your business to save money during this coming tax season. Small business owners can claim a home office deduction. Only if they have a space in their home they use regularly and exclusively for work. Don’t believe me! Read it in the IRS code Publication 587 under “Business Use of Your Home”.
The IRS limits these deductions to self-employed people not those who are working remotely due to the pandemic. So, keep track of all your receipts then book a 30 minute FREE Discovery call with me so I can get your ready for tax season.
If you haven’t tracked your business income nor expenses all year click HERE to schedule your appointment, so we can get you on track before #2020taxseason begins.
As always be safe, cover your cough, wear a mask, and keep a respectable social distance from others.