Business tax deductions

[aanderson0413]

My husband and I started a business in August of this year. When we go to file our taxes will there be opportunities to enter and deductions for our work space utility bills or expenses start a etc.?

[XCV777]

I am self employed, not a tax expert, but experienced with my self employed returns.

If you run the business out of your home, there is a "business use of your home" calculation performed by the software.

Normally, I track these expenses (electric, gas, taxes, etc.) and the tax software does the math. I learned last year that there is a "Simplified Business Use of Home" option and it can pay more than the itemized method if your business is "small enough". So be sure to try it both ways.

Keep good records of all expenses and the software will ask for them. Whatever it doesn't ask for can be entered manually. So just list/group them all and check them off as you go; if anything is missed, manually enter it.