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Article added or updated:
03/30/2008 |
Home Business Tax Tips
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by
Tara Grant
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.
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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.awomansresource.com and http://www.designbytara.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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As always, please check with your tax professional,
CPA or lawyer
prior to acting on any advice found here. We do NOT dispense advice on
any articles contained here.
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