How to maximize your home based business startup benefits to make more moneyWhen people think of starting a home based business they, usually think of being at home, no more bosses, making my own schedule, or spening more time with their families. Business Use of Your HomeIf you use part of your home for business, you may be able to deduct expenses for the business use of your home. These expenses may include mortgage interest, insurance, utilities, repairs, and depreciation. Refer to Home Office Deduction and Publication 587, Business Use of Your Home, for more information. Business Use of Your CarIf you use your car in your business, you can deduct car expenses. If you use your car for both business and personal purposes, you must divide your expenses based on actual mileage. Refer to Publication 463, Travel, Entertainment, Gift, and Car Expenses. For a list of current and prior year mileage rates see the Standard Mileage Rates. Other Types of Business Expenses
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