Top 5 Reasons To Join A Home Business Reason 2 Tax Benefits

Top 5 Reasons To Join A Home Business Reason 2 Tax BenefitsAs I write this post on top 5 reasons to join a home business and the reason number 2 is Tax Benefits.  Is hard not to start thinking about tax savings even though its the end of September.

With a home business you should think about tax savings all the time. The sad fact is most people don’t understand the benefits that owning a home business provides you.  

This blog post is going to discuss some simple tips on tax savings that you receive from your home business.  Just want to note.  I am not an accountant and what I note is some of the most common deductions that you can take.  For a full list or how tax deductions affect your home business you should reach out to a tax professional.

List Of Tax Benefits Of A Home Business

1.  Home Business Office Deduction:  This is an amazing deduction.  To qualify your home office as a business expense, You must have a exclusive part of your home that you use for home business activity.

You can’t just use a TV table as your work desk and expect to move over the house and deduct it.  But if you have a dedicated office area or separate room then you would be able to deduct some of your home costs.

2.  Home Business Utilities:  If your taking a deduction from your home business office you would be able to deduct a portion of your utility bills.  Mainly your monthly heating and electric bills.  Being you use your dedicated office space in your home for your home business you can also deduct some of your broadband/internet bill.  So you would deduct the percentage of what you use your internet for.  Same goes for your phone.  Top 5 Reasons To Join A Home Business Reason 2 Tax Benefits

3.  Home Business Office Supplies:  Some deductions we tend to forget are all office supplies.  This includes but not limited to, ink, toner, postage, paperclips, paper etc.  How about your new Iphone, IPAD, or Laptop.  Yes these can also be deducted based on the percentage that is used for business purposes.

4.  Home Business Travel Expenses: Most companies have conferences.  Once business that I was in had 4 a year.  Also do you travel to meet a customer or potential business associate?  If you do than you can deduct those home business expenses for travel.  There are some key things that you will need to know:

* You can deduct any transportation costs (plane tickets, bus fare, taxi cabs, airport parking, rental cars, etc)

* You can deduct your lodging and tips

* You can deduct a percentage of your meals for business days.

The main thing in all the “home business” expenses that you deduct the key is to keep good records.  This is essential to provide accurate information to the IRS along with taking your maximum deductions and also to be ready in case of an audit.

5.  Home Business deductions Your Car:  If your working a home business you really can’t deduct any daily commute since your not commuting.  But can you deduct your morning trip to get coffee?  Yes and no.  Yes if you have a set of business cards and you take a note of your starting and ending mileage along with where you went.  The key is that you take a few business cards with you and post them on the local inside wall that most businesses have for your business cards.

You can also just talk to people and network with them and present your business  As always take amazing notes so you have them for your record.Top 5 Reasons To Join A Home Business Reason 2 Tax Benefits

6.  Home Business Deductions What Else? There are many ways to use your home business tax deductions to help save you on taxes.  My suggestion is to reach out to a certified tax person or an accountant  to get the most current updates.

You can also go out to IRS.GOV and learn more about all the legal tax deductions that your home business will allot you.

However, you can’t deduct your insurance for any time when you’re able to participate in an employer-subsidized plan (i.e. through your spouse or partner).

Home Business Tax Deductions Final Thoughts

As always if you have any questions and concerns it is best to consult a tax professional.  They will review with you and make sure that you have everything you need to deduct all the allowable deductions you can have.

So what if you don’t have a home business and are ready to start having amazing tax deductions?

What if I told you that the home business I am in costs me $40 dollars a month and will provide you a nice residual income besides?  Would that be something that would interest you?  Below are some highlights of what I along with my team offer.

On our Team” we are focused and dedicated to help you succeed! 

Here Are Just A Few Of Our  Team Benefits that help people stick with us!

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And Most Importantly A Partnership Top Internet Marketers, Offline Marketers, 6 & 7 Figure Income Earners and being part of our family!!!!

You will never be alone with our team.  We will be with you every step of the way.

Everyone who joins ME and my team with my link will receive a special “BONUSES” to get you jump started and a head of the competition.

Now Its your Turn….

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Top 5 Reasons To Join A Home Business Reason 2 Tax Benefits

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See you on the inside,

Vince
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