A question that i often get asked is: can I use my personal home to run a business?
The short and long answer is YES and YES, provided your personal home has the ability to facilitate such business.
There are businesses in the millions that are run and operated from the owners personal residence extremely successful, and if anything, they were started at home first, then expanded to larger facilities.
Take for example, Apple and Amazon to name a few. They all started from their own home space and went on to becoming multi-billion dollar companies.
While there are many many advantages in running and operating, specially a brand new business, from your own home, one thing that stands out to me is Tax Write Off abilities on a personal level.
I am not a certified accountant, and this info is by no means any tax advice (and i will encourage you to consult your tax specialist) however, when i am operating my business from my home, in this case, a Laser Hair removal service, i have the ability to write off a great portion of my personal expenses related to my home.
These are things like my electrical bill, my property tax bill, my lawn care and snow removal service, and much more, to name a few.
Ultimately, what will decide this, is how excellent the tax specialist, or accountant, is in understanding my business, understanding the tax laws at hand, and has the ability to interlock these together to maximize the benefits for me, his/her client.
It is definitely an area that needs more consideration, as part of the decision making on weather to run a business from your personal property, or not. Make sure you find a great and reputable tax specialist, sit down with them and have a lengthy conversation about what your planing on doing with your business, if it would make sense to run it out of your own home, and what Tax advantages you might get.
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