“Home Based Business”
Many people are unaware that as a home based business owner, you are able to claim over 500 legitimate tax deductions. Many items or services that you use on a daily basis without thinking about can now be tax deductible for home based business owners.
For instance, let’s start with the annual or monthly fee that it takes to run your home based business. Yes, these fees are tax deductible. Do you have a home office, well get out the measuring tape because that part of your home or apartment becomes tax deductible too. I am sure that you have a cell phone…..using it to conduct business, it now becomes tax deductible. Did you by chance invest in furniture or paint for your office….Cha Ching, it’s tax deductible. Have you traveled any for business….Well that it also a tax deduction.
There are too many tax deductions to list , just know that there are over 500 that home based business owners can claim. I suggest that you visit http://www.irs.gov for a full listing and seek the advice of a tax professional.
The Infamous Tax season is rapidly approaching so I dropped a list of tax deductions below that you may qualify to receive as a home based business owner. Keep your receipts and an accurate log or spreadsheet of all expenses for your home based business. You may be surprised to find that many things that you do daily are now tax deductible. Be sure to start gathering all your receipts that you will need for your taxes to avoid leaving money on the table!!
Possible Deductions for Taxes:
Bad debts that you cannot collect
Building repairs and maintenance
Business association membership dues
Cafeteria health-insurance plan (requires plan)
Charitable deductions made for a business purpose
Commissions to outside parties
Computers and tech supplies
Continuing education for yourself to maintain licensing and improve skills
Conventions and trade shows
Credit card convenience fees
Dining during business travel
Discounts to customers
Employee wages (Independent Contractors)
Entertainment for customers and clients
Exhibits for publicity
Franchise fees (new)
Freight or shipping costs
Furniture or fixtures
Gifts for customers ($25 deduction limit for each)
Group insurance (if qualifying)
Internet hosting and services
Investment advice and fees
So Much More…………………………………..