Home Business Tax Deductions

Home Business Tax Deductions



Home Business Tax Deductions
Dreading April?
If you​ are running a​ home business,​ it​ is​ important to​ remember that there are tax deductions for you​ when tax season rolls around .​
Of course,​ you​ do not want to​ try to​ fool the​ IRS (no one wants to​ run the​ risk of​ being audited!),​ but you​ do want to​ take advantage of​ those deductions that are rightfully yours .​
Running your own home business takes much of​ the​ same expenses,​ effort,​ time,​ space,​ equipment,​ and travel as​ any other business .​
Below are some home business tax deductions to​ remember as​ April is​ drawing near.
If you​ have a​ home office that is​ dedicated solely to​ your home business,​ you​ can add it​ to​ your list of​ home business deductions .​
The same goes for telephone charges,​ office supplies,​ furniture,​ software,​ subscriptions,​ and other equipment .​
Do not fear an​ audit for making these home business tax deductions as​ long as​ these items are used exclusively for your home business .​
If your business requires you​ to​ leave your home office,​ you​ can add the​ cost of​ travel,​ mileage,​ meals,​ entertainment,​ and anything else that goes along with the​ cost of​ living on​ the​ road to​ your home business tax deductions .​
During the​ year,​ make sure you​ keep documentation of​ your mileage,​ your trips,​ food,​ etc.

Now,​ what about the​ really big stuff? Well,​ when making home business tax deductions,​ you​ can also take into consideration insurance premiums (if you​ are self-employed and pay for your own insurance),​ the​ money you​ deduct for retirement,​ and half of​ what you​ pay towards your social security .​
And if​ your children are seventeen or​ younger and are working for you,​ you​ can deduct their salaries as​ business expenses .​
This is​ just a​ quick scan of​ the​ home business tax deductions you​ can take advantage of .​
For more information,​ check out www.bankrate.com,​ and talk to​ a​ tax professional.




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