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As a Business owner, there is a lot of items to deduct when you are self employed (schedule C).  We at Elite Tax are requiring all business owners to fill out "completely" a Schedule C input sheet.  If this is not filled out then we can't do your taxes.  This form changes yearly to inform you of tax law changes and to give you the opportunity to deduct expenses that you might not have normally thought about deducting.

Self  Employed:

Schedule C Input Sheet click here to fill out Schedule C Input Sheet online

To print form click here

Click here for the list and information on various items for business deductions.

To help with auto deduction please click here

Mileage Log       

Purchase Assets for your business from someone and need a Bill of Sale,      

  Websites to register your business

Who qualifies for a work from home tax write-off?

To qualify to claim expenses for business use of your home, you must meet both of the following tests:

• The part of the home must be:
  • Exclusively and regularly used for a trade or business (special rules apply to space used as an in-home daycare facility) or
  • Used for storage of inventory or product samples; AND
• The business part of the home must be one of the following:
  • The principal place of business;
  • A place where the taxpayer meets or deals with patients, clients, or customers in the normal course of a trade or business or significant and essential to the conduct of the business; or
  • A separate structure (not attached to the home) is used in connection with the trade or business.

Why is the IRS home office deduction valuable?

The home office deduction is a potentially valuable self-employed tax deduction for individuals looking for ways to reduce the taxable income of their small business.

How do you calculate the home office write-off?

The home office deduction can be calculated in two ways: the regular method or the safe harbor method (simplified method). Don’t want to tackle figuring out either method alone? Get help with your small business taxes from the team at Block Advisors.

Home office regular deduction method

This method involves totaling the direct and indirect expenses of your home office for deduction purposes. Expenses can include:

• Mortgage interest payments
• Real estate tax
• Depreciation
• Rent
• Dwelling insurance
• Utilities
• Maintenance
• General repairs

Direct expenses are only for the business use of your home, such as painting and repairing your office. Indirect expenses are for keeping up and running your entire home. Deductions using the regular method are based on the percentage of your home devoted to business use. Whether you work out of an entire room or just part of one, you’ll need to determine the percentage of your home used for business.

Home office safe harbor deduction method

The home office safe harbor deduction is a simplified way to claim a home office deduction. This option does not change the criteria for who may claim a home office deduction.

If you use this simplified option, you can multiply the allowable square footage of your office by a rate of $5. The maximum footage allowed is 300 square feet, meaning the maximum deduction is $1,500. This option will save you time because it simplifies how you figure and claim the deduction. It will also make it easier for you to keep records.

Whatever method you use, your deduction shouldn’t be more than your gross income after you’ve subtracted your other business expenses (not related to your home). Under the regular method, any extra amount may be able to be carried forward to the next year (subject to gross income for that year), but under the safe harbor method, any extra amount can’t be carried over to a future year.