| 04/06/09 | ||||
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5 Tax Tips for Telecommuters | |||
| 1. | Make sure you understand whether you are working as an employee of your company or as an independent contractor. There are different tax considerations for each. | |||
| 2. | Your home office space must be used exclusively for work. Case closed. If you let your kids play on your computer, believe it or not, you cannot claim the deduction. | |||
| 3. | If you use your home phone for business, you can deduct the cost of your business calls, but not the fees associated with the phone line. If you install a business line, you can deduct both the calls and fees. | |||
| 4. | Keep a large manila folder or something similar in your home office all year long so that as you gather receipts or log miles you can just toss the papers or notations in. | |||
| 5. | Keep all documents in a safe place. The length of time you should keep them depends on the action, expense or event they record. Check with the IRS. | |||
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