If I own the property in which I run my business can its rent value be considered a running cost?
Similarly, the IRS states in the Internal Revenue Code that lost rental income while a property is vacant is not tax deductible. So, it is just an opportunity cost in economic terms but that is about it.
If you are wondering what you can deduct, these are some of the common tax deductible business expenses: real estate taxes, qualified mortgage insurance premiums, deductible mortgage interest, casualty loss, utilities, insurance, depreciation, security system, repairs.
Good luck with your small business venture and let us know if you have any additional questions.
Ryan Himmel, CPA and registered securities analyst, is the founder and CEO of BIDaWIZ.com, an online marketplace where small businesses and entrepreneurs can obtain trusted answers to finance and tax questions from licensed professionals. Ryan has been quoted in The Wall Street Journal, Forbes, Fox Business and Crain's New York, among other publications. Ryan also regularly contributes to the community with his finance and tax blog. Contact Ryan at email@example.com or on Twitter at @BIDaWIZ.