Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Last year I became a LLC doing pet care services in other people's homes and it's been pretty successful. Recently I started boarding a few cats as a favor for my husband's boss and I realized it's a great expansion for me. We are using our master suite for the cats right now, but we have a den/study/guest bedroom on the first floor of our condo that literally is a waste of space. It's completely shag carpeted and I need to replace the carpet for linoleum or something. I would also need to remove some bookshelves and buy some more cat-centric things.
So I know I can deduct the cat tower, litter box and other materials from my business taxes. I know I can also deduct the sq ft of my condo too (as long as it's ONLY used for cat boarding... which it will)... but what about the cost of replacing the carpet? Can I deduct the cost of labor of hiring a contractor via Home Depot to do the installation?
Do some more research on the home office deduction. If you own the property and later sell it, there will be additional tax consequences if you've taken that deduction. And you can only deduct up to a certain amount each year based on your profit.
Anything you do concerning your business expenses is a write off, including new carpet if its solely used as a business purpose and yes you can use the labor as well from home depot. I would consult a CPA if possible about what you can and cannot use. Some items will only get depreciation value, not sure if that would apply to anything your doing.
Home office deductions are tricky and were told by our CPA more closely looked at. You need to find out about the pros and cons to doing so but also to make sure you get the most deductions possible your owed.
a business purpose and yes you can use the labor as well from home depot. I would consult a CPA if possible about what you can and cannot use. Some items will only get depreciation value, not sure if that would apply to anything your doing.
[url=http://www.iplaneducation.com]CFA | FRM | Learn Stock Market Courses - iPlan Education[/url]
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
