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Home Business Tax Tips
Running a home based business reaps many wonderful tax deductions that other businesses some times may not claim. Unfortunately to many small business owners end up paying the government taxes every year because they are unaware or several small business deductions that are available. Most of the time any expenses that are related to your business can 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 can also adjust earned income. Try to avoid paying large amounts of taxes or owning any money by keeping track of simple things!
Each business is a bit different so be sure to mention these ideas to your tax advisor or accountant to see if your business can qualify for these deductions.
1- If you join any business or purchase into any franchise, the expenses such as kits, or franchise fees may be claimed as a deduction.
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 use for your business.
3- Advertising- Most advertising can be claimed on your taxes. Keep all receipts for any newspaper ad’s you may run, or any advertising you do online. Advertising is a business expense and in most cases can 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 may also be written off.
5- Phone bills and internet access- If you have a phone line for business use 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 may also be written off.
6- An in home office- If you have an office in your home, make sure to let your tax advisor know. Using a room in your home as an office can also be added on taxes.
7- Long distance calls- If you make 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 related to your work, the cost of the calls may also be written off in most cases.
8- Returned Checks and Bank Fees. If you incur and bounced checks from customers and can not collect on them, those amounts may 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 bank statement to show the fee you were 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 use, the cost of the computer may be claimed. You may also claim depreciation for 3 years after the computer was purchased.
About the Author
Tara Grant, owner of http://www.designbytara.com, http://www.partysuppliesrus.com, & http://www.heronlinenetwork.com. Tara is a warm-hearted entrepreneur, mother of 2 small children and an avid networker in the wahm and parenting communities!
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Internal Revenue Service |
The US government agency responsible for tax collection and tax law enforcement. Includes income tax forms, instructions, and agency publications. |
www.irs.gov |
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Access to useful information, booklets and other tools from the Internal Revenue Service. |
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Tax Center - Yahoo! Finance - Tax forms, tips and calculators. |
Yahoo! Finance: Tax - Find all the resources you need for tax season. Review recent tax law changes, estimate your taxes, find tax tips and expert answers ... |
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Taxes: Tax Planning, Tools and Advice - MSN Money |
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Tax - Wikipedia, the free encyclopedia |
Governments use different kinds of taxes and vary the tax rates: ... Taxes are most often levied as a percentage, called the tax rate, of a certain value, ... |
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H&R Block | Taxes, Online Tax Preparation, Tax Software, Filing ... |
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TaxCut Online | H&R Block | Online Taxes, File Taxes Online ... |
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Income Taxes, Tax Returns, Refunds, Deductions and E-File Software ... |
Popular tax preparation software by Intuit. Integrates with Quicken, spreadsheets and offers state by state electronic filing. |
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Taxes & Estates, Tax and Estate Planning Advice - Forbes.com |
Personal Finance - Get tax and estate planning advice and information from Forbes.com. |
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Essential Links to Taxes |
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Taxes - Tax News for Home and Business from CNNMoney |
The latest in tax law updates, news, forms & advice from CNNMoney.com. Includes a refund savings calculator, and interactive tax lessons. |
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The Tax Foundation - Educating Taxpayers Since 1937 |
Devoted to educating taxpayers about tax policy and the total tax burden borne by Americans at all levels of government. |
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Welcome to the Vermont Department of Taxes |
Welcome to the Vermont Department of Taxes... ... Changes to Property Tax Adjustments in 2007 - updated 10/18. - Tax Expenditures Transition Report on ... |
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Franchise Tax Board Homepage |
The department that collects state personal income taxes and bank and corporation taxes for the State of California. Access to forms and tax information. |
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HM Revenue & Customs: Home Page |
News and information on tax and national insurance, including downloadable leaflets and forms and the latest news on filing tax returns on-line. |
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State and Local Tax |
Piper Resources; State Tax Rates and Structure ...Federation of Tax Administrators; State Payroll Taxes Information ...Symmetry Software ... |
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Quicken.com |
www.quicken.com/taxes/ - 3k - Cached - Similar pages |
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Tax news and advice from Bankrate.com |
Information on all phases of tax planning and preparation. |
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Online Tax Advice - Tax Preparation Help - Income Tax Tips |
Income Tax Tips - MarketWatch offers online tax advice and tips. ... IRS inflation adjustments mean tax break on next year's taxes. ... |
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