Experts have announced that every household should have at least one home-based business because it makes good financial sense! Unfortunately, too many home-based business owners end up paying the government taxes every year because they are unaware of the several small business deductions that are available.
The moment you start a home-based business of any sort, most of the following items become a tax deduction in some way for the current tax year.
Since every home-based business is different, be sure to mention these deductions to your tax adviser or accountant to see if your business qualifies. Keep accurate records and make sure you save your receipts for the following:
• Home Computers and/or Laptops
• Internet Access
• Other Utilities
• Some of your Mortgage or Rent for your Home Office (ask your CPA).
• Your Land Line and Cell Phone
• Office Supplies: Printer, paper, ink, business cards, pens, or any items you use for your business.
• Advertising: In most cases, advertising can be written off.
• Items Given Away: Keep an accurate list of the items given away. Most “Freebies” may also be deducted.
• Vehicles: There are limits to this deduction and to get the tax break you must use the vehicle more than 50% for business.
• Fuel: If used properly and ONLY if a mileage record is kept.
• Returned Checks and Bank Fees: If you acquire any bounced checks from customers and cannot collect on them, those amounts may be deducted, along with any fees you were charged from your bank.
• Much more!
There are phenomenal benefits to having a home-based business: no inventory, no employees, no huge outlay of cash, and no boss, etc., and in my case, with our top "You Get 3-Home Team", I just place ads, return email, and receive money; I enjoy making phone calls to my Team Members, to Welcome our new Members, and to help our new members by having 3-way calls.
Regardless of the information here, your best resource is your local tax advisor and the IRS. As soon as you start your business, you should start thinking about taxes. The IRS expects you to do so, as they'll anticipate quarterly payments of your estimated tax throughout the calendar year. And come April, the IRS will also expect a complete accounting of your business proceeds, expenses, and any additional tax owed.
DON’T let this SCARE you! All you have to do is keep accurate records and you will see many benefits!
I knew in my heart that I would be successful, I took the necessary steps needed to create my successful online businesses and would love to help you receive the results your after! Make money now... NOT in Weeks or Months, but in DAYS!
Plan
for success and I will be right by your side to
assist
you every step of the way to Creating Wealth!
Create
Your Awesome Business
Cydney Buckman
Paralegal/Entrepreneur/Author/Marketing
Consultant
Keep your eyes open for
my upcoming eBook!
206-450-4141 (pst)
10:00 AM to 9:00 PM please!
2606
2nd Avenue, Suite 103
Seattle,
WA, 98121
“Educating and Training Entrepreneurs to
Thrive
in the New Economy by Creating, Growing, and
Protecting Wealth."
P.S.
When I was a self-employed Paralegal
(Legal
Document Assistant),
in Humboldt county, CA, I grew my business to a high 5-figure income,
but
dissolved my business due to my
competition’s
advertising budget.
However,
my goal and intention
is to
help anyone that wants a high 5-figure income
(growing
to a high 6-figure income), allowing us to provide for our families,
grow
our retirement, and just live the life that we all deserve to live!
Disclaimer: The content of this article is provided for informational purposes only. The author of this press release is not a lawyer or an accountant and nothing here should be interpreted as legal or tax advice. For all questions regarding tax matters, you should consult an attorney or an accountant.
