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Why A Home Business? Why Work From Home?
The Tax Advantages
There
are many reasons why you would want to develop a home business or work
at home. Some are:
- Need more money for necessities
- Develop independence
- Desire for disposable income
A
somewhat overlooked advantage of a home business is the
tax benefit. Although one should primarily develop a home business for
the economic benefits, the ability to reduce your income should not be
ignored.
There are many aspects of tax deductibility regarding the expenses relating to a home business. Although I will list some in this article, you should consult with a competent tax professional for clarification.
Basically, you can offset all expenses relating to your business against the income you receive.
Income will be payments received from customers or consumers who sign up for your products and services.
Expenses will include:
There are many aspects of tax deductibility regarding the expenses relating to a home business. Although I will list some in this article, you should consult with a competent tax professional for clarification.
Basically, you can offset all expenses relating to your business against the income you receive.
Income will be payments received from customers or consumers who sign up for your products and services.
Expenses will include:
- advertising - Pay-Per-Click expenses, classified ads expense, offline advertising
- dues and subscriptions for both periodicals and memberships in related organizations and trade groups
- business cards and stationery
- office supplies
- business insurance
- Telephone costs
- Internet access
One
area that might be overlooked, and you MUST consult with
a CPA here, is the deductibility of home office expenses. These will
include a proportionate share of:
- Utilities
- Home maintenance
- landscaping
- Mortgage costs
- Home insurance, etc.
The proportionate share relates
to the area in your home
that is used solely for your home office as a percentage of your whole
house.
For any comments or questions, please email me at msr@e-zhome-business.com
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For any comments or questions, please email me at msr@e-zhome-business.com
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