Steven J. Dundas
Shine your shoes.
Raise your glass.
Abby Kohut, left, runs her recruitment consulting firm in her Springfield home, a few feet from where
her husband manages Ken Kohut Photography. They enjoy some tax benefits from their home offices.
Tax benefits of home offices It’s time to celebrate at the annual New Jersey
Nationally sponsored by
Ernst & Young Entrepreneur Of The Year® 2009
are alluring to entrepreneurs The Ernst & Young Entrepreneur Of The Year 2009 ﬁnalists
have a lot to celebrate. They’ve built their dream companies.
But without a plan, the added Accounting Regionally sponsored by
Expanded. Innovated. And now Ernst & Young is recognizing
them for their achievements. Join us at this year’s event and
home expenses can shutter a cally, this involves taking the square footage of see who will take home top honors. The evening will also include
business before it turns a profit your office and calculating that space as a per- a special lifetime achievement award presented to Mr. John
centage of the square footage of the house, Martinson of Edison Venture Fund.
BY BETH FITZGERALD then deducting that percentage of your house
ABBY AND KEN KOHUT both launched expenses from your income. Tuesday, 23 June 2009 | 6:00 p.m. | Marriott Teaneck at Glenpointe
home-based businesses three years ago. Martinsville CPA Gail Rosen said “the
To reserve your seat, call Sharon Knipper +1 732.516.3622.
Staffing Symphony, Abby Kohut’s recruitment home-office deduction is very good, because
consulting firm, occupies an office in their you are getting a deduction for things you are The 2009 ﬁnalists are:
Springfield home a few steps from the office of already paying for.” Among the eligible expens-
Ken Kohut Photography. es: property taxes, homeowner’s insurance, heat, Advanced Solar Products, Inc. FXSolutions, LLC
Lyle Rawlings Robert Cortright
“It is a wonderful experience to have your electricity, water, garbage, sewer fees, condo Thomas Plaut
own business,” Abby Kohut said. “But you have fees, mortgage interest and home repairs. Rosen Artech Information Systems LLC
Ranjini Poddar GAIN Capital
to be aware that expenses creep up as the said these deductions reduce all your taxes: fed- Glenn Stevens
Aton Pharma, Inc.
monthly bills come in.” eral, state, Social Security and Medicare. Michael Wells Gateway Group One
Entrepreneurs tend to underestimate how If you’re paying 40 percent of your income Kurus Elavia
much things will cost, because “when you work in taxes, and claim $10,000 in home expenses, XunKai Gong H&M International Transportation, Inc.
for a company, your phone, cell phone, travel, you’ll save $4,000 in taxes, “a significant savings,” Dr. Tianyi Jiang Charles Connors
electricity — they’re all paid for by your employ- she said. “You have to keep very good records to Barr Pharmaceuticals, Inc. Kaizen Technologies, Inc.
er,” she said. One of the keys to managing a suc- use the home-office deduction, but it’s worth it.”