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A Home Based Business:
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There are two primary ways to build home base based business wealth ... reduce your "out-go" or increase your income. And the best way to reduce your out-go? Reduce your taxes Tax reduction has never been a more important issue to the home based business owner. The average taxpayer today pays combined federal, state, and local income taxes of close to fifty percent of income. Reducing this by just a few percent could save your home business thousands of dollars. Owning a home based business - part time or full time - is the best way to earn these tax deductions. If so, your home based business may qualify for a whole host of valuable tax deductions. Deducting a portion of your home or apartment expenses as tax-deductible business expenses is one of the most significant benefits of owning a small business. By operating a home based business, the following home-related expenses can become deductible: You can deduct a pro-rated share (based on the percentage of rooms or total space used for home based business purposes) of your household utilities, property insurance, home owners insurance, property tax, mortgage interest. You can deduct a relative portion of total maintenance costs, maid or cleaning service, house painting, rewiring, roof repair (except for repairs or remodeling of specific portions of the home, such as kitchen, that have no bearing on your home based business use). Depreciation of office furniture, equipment, lamps, desk, chairs that you put in your home based business office. When you buy equipment and supplies for your home based business, save your receipts. All business equipment up to $17,500 a year-including computers, typewriters, fax, copier, answering machine---can be written off each year. Reduce your taxes $500-$5000. To qualify for a home based business-office deduction, the area must be used "exclusively and on a regular basis" as the principle place of your home based business. (The use of a portion of your home office space - such as a den - for both business purposes and personal purposes does not meet the "Exclusive" use rule.) If you have an empty bedroom now that the kids have moved out, or empty basement, you can run your business from there and get these deductions on your income tax, provided you use the space exclusively and regularly as your regular home based business. Because this deduction is so valuable, the Internal Revenue Service may question it. So be sure to keep good records. Photograph your home based business office. Keep a log of the work you do there, of whom you see or call when you use it. Use this address on your business cards, yellow page listing, stationery and bank accounts. |
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