Now that you have filed your taxes for 2014, it becomes increasingly clear that more tax deductions is better. Did you know that the federal government gives us tax incentives for starting a home based business? Did you know that you are able to claim the costs of doing business from your home on your tax return? All true.
Smart individuals and those with a smart Certified Public Accountant, (CPA) know that there are significant benefits in having a home based business even if it is part time. You can also claim part of your home as an allowable business expense if the space is used exclusively for the business. In my case, I am able to use my business office in my home as an allowable expense. More details on this deduction are available at this IRS link.
What is a tax deductible home business expense according to the IRS? According to Publication 535 Business Expenses, a tax deductible business expense must be the following “To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your trade or business. A necessary expense is one that is helpful and appropriate for your trade or business.”
It is important to keep good records of the costs of doing business. You are able to deduct mileage for anything related to your business so it is key to keep a log in your vehicle which helps you keep an accurate record. You can do this by simply noting the mileage as you leave and when you return as well as the purpose of the trip or the name of the customer or potential client you met. Taking the time to keep accurate records can save you thousands in federal tax from the Internal Revenue Service. There are also some great apps out now that make it very easy to keep track of your expenses. I believe the cost can easily pay for itself just because you won’t forget about any valid deductions. One of the best mobile phone apps I have found is called Deductr. I highly recommend it. It is a great way to make sure you keep track of all of your potential deductions including your mileage and receipts.
What to do if you don’t already have a home based business and need a tax write off? You certainly want to look for a reputable business, as this is likely something that will earn you a part time or full time income long term assuming you put in the effort and have a desire to succeed. In fact, many individuals are highly successful in the network marketing industry because of the residual income they continue to receive from their earlier efforts. I recommend that you look for a company that has been in business for five years or more and is debt free. Of course the products they sell must be something consumable that people will need to purchase regularly and that are so effective that you will have long term customers who share the benefits with others helping to grow your team and business.
I found that kind of business in Beyond, The Healthy Chocolate Co. five years ago. I am now a gold executive in the business and working my way up to platinum. Not only am I able to claim wonderful tax deductions for starting my own business, I can earn unlimited income based on my goals and needs, I have earned two Royal Caribbean cruises so far paid for by the Healthy Chocolate Company, met the owner and the top people in the business and have the most amazing upline on the planet. Working with a team of people who want you to succeed, that really makes the difference. The best part is that it is so affordable to get started in the business. I recommend starting with the wealth pack which runs you $499 plus tax, that is it! That gives you your website, an amazing selection of patented cold pressed healthy chocolate products that are antioxidant superfoods as well as the cacao based Beyond Beauty Cream skincare line that is impressive in it’s ability to have men and women looking younger quickly. My age spots disappeared and I will forever be grateful.
So the key is to find a company you can believe in. Keep good
records, the old fashioned way or an app on your smartphone. Even the cost of starting up a business is usually tax deductible. Check with your tax advisor to confirm but the information I have provided is direct from the IRS site. As far as I am concerned, everyone should consider a home based business for tax purposes if nothing else. It is also a great way to earn additional income and have flexibility to work from home if you choose. It can be a great option for retirees not quite ready to completely retire, a student working their way through college, for a stay at home mom or dad or a stressed out executive tired of the corporate grind. Whatever your reason, whatever your goal, a home based network marketing opportunity can provide you with the best leverage options and tax savings for the long term. Check it out. I am so glad I did five years ago.
I am Lynette Henk, Gold Executive with the Healthy Chocolate Company. I get paid to help others succeed and improve their health. Give me a call and I can help you get started with the wealth pack. Just wait til you hear about the amazing compensation plan this company has. Just the wealth coding bonus alone is huge. Talk about getting money in your pocket quickly. I can be reached at 941-216-5727, you can email [email protected] or you can visit my site at noglassceilinghere.com.