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Question Details Asked By Asked On
SOHO Tax Deductions for NJ Sole Member LLC DILLIGAS 12/18/03
    I am interested in what a client can claim for running a small home based consulting/Internet Sales/Ebay business out of their private residence? The residence is located in New Jersey, has been established for over a year, but only formed in to a sole member L.L.C. as of June of 2003.

    There is:
    Electric Service
    Fuel Oil for heating
    Internet Connection
    Property Taxes
    Mortgage Taxes
    Telephone and FAX Lines

    What is the percentage that they can claim on this? Is it based on hours spent working on site, the square footage used or other factors?

    Are there items that I am missing?
    Building Depreciation
    Maintenance for space or building?
    The vehicle is leased to another family members’ company, but that person pays for the monthly lease, fuel, maintenance and other operating costs.


    All information is welcome, and any web based references would e appreciated? They would like to get the information from the web rather then purchase books. (Additionally, the sooner this is off my plate, the sooner I can get to other clients.)

    Thanks

    DILLIGAS



Summary of Answers Received Answered On Answered By Average Rating
1. First, the fact that the business is an LLC has no impact on...
 12/18/03 jancpaExcellent or Above Average Answer
2. SMALL BUSINESS TAX 1.electricity/ fuel/ internet operation ...
 12/20/03 LEOLINGHAMExcellent or Above Average Answer
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