Running a home based business reaps many wonderful taxation
deductions that other businesses some times may not claim. Unfortunately to many small business owners finish
up paying the government taxes every year because they are unaware or several small business deductions that are available.
Most of the measure
any expenses that are related to your business might
be added as a deduction on your taxes. If you do not pay taxes through out the year, deductions can help you from paying a large amount of taxes each year and may also adjust earned income. Try to avoid paying large amounts of taxes or owning any money by keeping track of simple things!
Each doing business is
a bit different so be sure to mention these ideas to your tax advisor or accountant to see if your business might
qualify for these deductions.
1- If you join any business or purchase into any franchise, the expenses such as kits, or franchise fees could be
claimed as a deductions
2- Business Supplies. Be sure to save all receipts for any supplies you purchase for your business use. Computer paper, business cards, pens, catalogs, or any items you purchase and make use of
for your business.
3- Advertising- Most selling
may be claimed on your taxes. Keep all receipts for any newspaper ads you may run, or any advertising you do online. Advertising is a business expense and in most cases might
be written off.
4- Items Given Away- Keep a list of any items you may give away, and the costs of these items. Most freebies can also be written off.
5- Phone bills and internet access- If you have a phone line for business make use of
or have the internet in your home or office for business use, save all receipts for each bill paid. These items are business expenses and might
also be written off.
6- An in home office- If you have an office in your home, contruct
sure to let your tax advisor understand
. Using a room in your home as an office might
also be added on taxes.
7- Long distance calls- If you contruct
any long distance calls that are related to your business, make sure you keep all phone bills showing the calls and the amounts charged. If these calls are realted to your work, the cost of the calls might
also be written off in most cases.
8- Returned Checks and Bank Fees. If you incur and bounced checks from customers and may not collect on them, those amounts could be
deducted, along with any fees you were charged from your bank. Be sure to keep the returned check, the letter from your bank and your bak statement to show the fee you we are
charged.
9- Postage- All postage costs paid by you or shipping fees may be claimed. Keep receipts for all shipping supplies, and postage.
10- Computers- If you purchase a new computer for business make use of
, the cost of the computer may be claimed. You may also claim depreciation for 3 decades
after the computer was purchased.
This article may be republished with the resources box included.
Tara Grant, owner of http://www.designbytara.com and http://www.wahpnetwork.com. Tara is a mom of two small children and a warm-hearted entrepreneur. An avid networker in the WAHM community, and dedicated to helping parents work from home with success!
This article may be republished with the resources box included.
Tara Grant, owner of Design By Tara, Southern Moms Online, and Work AT Home Parents Network. Tara is a mom of two small children and a warm-hearted entrepreneur. An avid networker in the WAHM community, and dedicated to helping parents work from home with success!
info@wahpnetwork.com
