The Many Tax Advantages of Working at Home

There are many tax advantages to having a home based business. I have personally listened to a list of over 50 ways one can document and deduct business expenses from your US Income Taxes, some of which you may have never considered!

The IRS requires written documentation to qualify for any obligations so be sure to keep all your receipts! I keep my receipts in an annual folder, ensuring all of my receipts stay organized and ready for tax season.

After close examination of the home based business industry, statistics showed that most individuals never produce a profit from their company. In fact, only 3% of those who own a home based business produce a profit. I'm part of that 3% club so I'm always careful to save my receipts to ensure I can claim the discounts.

The following is a partial list of potential deductions for your business:

Your Membership Fees

Product Purchases

Product Samples

Rent

Office Equipment

Office Space

Electrical Bill

Sewer / Water Bill

Insurance (not deductible for those without a home business!)

Cleaning Service (provided they clean where your office is, too!)

House / Office Repairs

Landscaping (if people come to your house on business)

Personal Training Expenses

Garbage Service

Advertising Expenses

Flyers

Business Cards

Brochures

Company Literature and Catalogs

Reproduction costs (photocopies, etc.)

Labor Expenditures when you hire your children!

Business Related Travel Expenses

Meals while on Business

Always consult with your accountant as laws vary in each state and country and from year to year. Having a home-based business will help you to keep more of your hard earned money in your bank account. It pays to work at home!

Share!
Share On Twitter
Share On Linkedin
Share On Pinterest
Share On Stumbleupon
Share On Reddit
Loading Facebook Comments ...
0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply