As a small business owner, saving money wherever you can is a major key to success. Learn how to get a home office tax deduction, so you can pay less come tax time. Let me walk you through how to get this often overlooked tax deduction.
In order to claim a home office tax deduction, (also called the business use of your home tax deduction), there are two qualifications you must meet. You must use an area of your home regularly and exclusively for conducting business.
In the Quick Start Guide to QuickBooks post, we talked a little about naming your revenue and expense accounts. The list of all your account names is called your Chart of Accounts.
As a new small business owner, you may be tempted to just use the account names and chart of accounts already provided to you in QuickBooks. However, with just a tiny bit of thought and effort, you can create your own chart of accounts that will provide financial information to you that is actually meaningful. After all, the point of bookkeeping is to provide financial records that are useful, meaningful, and aid in decision making! (This post does contain affiliate links for products I use and recommend.)