It’s that time of the year again…preparing for the dreaded tax return.
Even if this is your first year at it, you can still possibly gain some potential benefits come tax time.
Now, let me be clear here, I’m not a tax accountant, or specialist and you really need to seek a qualified tax advice if you either do it yourself or seek someone out.
With that disclaimer said, here are a couple things that you might (or might not) have known that can be potential tax write-offs, most have been for me, and this is what I’m gonna bring to my accountant come tax time.
- % of mortgage/electric/heat as proportionate to the size of your home business office. You’ve got to have a home office established for this though.
- Education expenses (like buying training manuals from either your company or Simple MLM Leads )
- Website costs: Like the monthly fee most of us pay for company sites (yuck) or if you own your own blog, the cost of purchasing it this year, and hosting fees.
- Childcare – If you used it so that you can perform your work
- Internet Access
- Advertising costs – Like PPC marketing, or article marketing services. Even for flyers (hope you didn’t make that mistake), sizzler cards,
- Hosting home meeting costs
- Mileage for dropping off products, to meetings, etc.
- Cost of product samples
- Cost of joining a new opportunity
- Cell phone or land line charges
- ISP or internet charges
- Legal costs, or cost of forming an LLC or Incorporating
- Banking Costs
- Home office furniture
- Computer costs
- Business meals
- Professional services, like outsourcing or help preparing orders, etc.
- Professional membership fees/dues
- Cost of attending your annual convention or other professional conventions.
I should not that some of these things depreciate over the years, and some are a yearly fee.
Anyway, these were just a few things to get the juices flowing.
Some of the best advice i’ve ever heard about taxes with a home business were this: Never fail to claim income, but never hesitate to claim as much as you legally can when bringing deductions to your accountant.
So, treat your home business like a real business and keep proper records of everything you spend on it…it will help during tax time.
What do you think?