You must qualify, but that’s easy!
The IRS is very specific about the requirements for qualifying for home-based deductions.
Qualifying requires you to:
Work for business on a regular & consistent basis.
Be trying to produce a profit.
Keep good records.
Note: You do not have to make a profit before qualifying for the deductions — just be working toward making a profit.
That’s how to qualify, now what do you qualify for? Your home-based business tax breaks come in the form on a long list of tax deductions ranging from rent and utilities, to furniture and furnishings, to cars and trucks, to trips and entertainment, to even kids’ allowance.
Home-based business tax deductions have helped many people cut their taxes by up to 30%-50% or more! The amout of tax savings can be enough to ward off bankruptcy, to avoid foreclosure or pay for running your home-based business.