Owning your own Home Based business provides a number of benefits to anyone looking or currently taking this path. Home based business owners drive their own income potential through their efforts, can pick and chose their strategies and approaches, and avoid the drama the corporate world often brings. A hidden beenfit many home business owners don't truly understand are the huge tax breaks you receive. The purpose of this post is to examine what tax breaks you can receive when you onw your own home business.
What general categories can you use deduct at tax time that will increase your tax payment? Let's dive right in...
Home Based Deductions
What Are Home Based Deductions?
Home based deductions are available when any dwelling unit of yours is used on a regular basis for your business.
Monthly total of any of the following: Rent, Real Estate Taxes, Utilities and Services, Mortgage Interest, Insurance, Casualty Losses
Business Vehicle Deductions
What Are Business Vehicle Deductions?
Business Vehicle Deduction - use of any vehicle in the course of operating your home business, may be deductible as a business expense.
Business Travel Deductions
What Are Business Travel Deductions?
Business Travel Deduction - travel expenses incurred when business activity requires to stay away from the principal place of business can be deductible.
Estimated annual cost of: Airfare, Hotel, Parking, and other related business travel expenses
Meals and Entertainment Deductions
What Are Meal and Entertainment Deductions?
Meals and Entertainment Deduction - expenses incurred for meals and entertainment can be deductible if related or associated with your business.
Estimated cost of business meals each mont
General Office Deductions
What Are General Office Deductions?
General Office Expense Deduction - general business expenses such as telephone and internet use, supplies and marketing materials may be deductible.
Estimated monthly cost of the following: Telephone and Cell Phone, Internet, Business cards, General Office supplies, Marketing and Advertising.
As a member of Rocket Recruiting, I can have very own personal Tax Deduction Report created and sent to your email. This is a rough estimate and not a legal document. Please Send me a Message from this site and let me know your interested in the Free Tax Report: Provide me with the information from each tax deduction header. I will send you your Free Tax Report showing how much you can save annually from your current or future home based business.