You can thank Congress for the special tax breaks for small and home based business that make sure you keep more of your hard earned money at tax time. Did you know that with the home business tax savings, you can actually be puttingextra CASH in your pocket?
Congress has approved major tax breaks because home based businesses are good for the economy. There are so many tax deductions available that I can’t even cover them all in my blog post! I am glad to share some of the major deductions that you can expect to receive when you have your own small or home based business.
The IRS is clear. You have to show intent that you expect to make a profit with your business. You don’t actually have to make a profit, but you must show the intent to do so. You also have to work your business consistently. Consistently can still be part-time or full-time and is a great option for those looking to earn additional income.
There are many deductions that self-employed individuals and small businesses may be eligible for. These include a deduction for a home office in your home which allows you to deduct a portion of your mortgage, property taxes, homeowners insurance and utilities as well as upkeep and repairs. You are also able to deduct your vacation if you plan it properly and you don’t mind mixing business with pleasure. Now of course, you will want to verify your deductible expenses with your CPA to verify you deductions are appropriate as I am not a CPA. You can also view Ronald Mueller’s home business tax law book, Home Business Tax Savings Made Easy or the IRS publication Small Businesses & Self-Employed Deducting Business Expenses.
The bottom line is that a full or part-time home based business can be a great way to earnadditional income and take advantage of the special tax breaks that were passed by Congress for Small & Home Based Businesses.
I am Lynette Henk, XO Healthy Chocolate member. I choose to share healthy chocolate for a living and claim my home based business tax deductions. I can be reached at 941-216-5727, at [email protected] or at GoColdPressed.com.