It's that time of year again. Nobody likes doing taxes, but they have to be done. If you own your own home based business, then you have tax advantages that people who only own jobs don't have. Visit my increase earnings page to view a list of tax deductions you can take advantage of as a home based business owner. I put these tax write off examples on my increase earnings page because if you are properly writing off your legitimate expenses, this will increase the amount of income you get to keep from Uncle Sam. Remember, it's highly advisable to consult a tax professional to make sure you aren't breaking any laws.
You need to know what you can write off and how to keep track of your income and expenses. Just as a recap from the above link I gave you, I wanted to go ahead and list what tax deductions you should be looking out for.
Business Expenses to keep track off:
- Communication expenses
- Business meals/entertainment expenses
- Home office repair
- Business travel expenses
- Professional services/fees towards your business
- Business education expenses
- Advertising expenses
- Office utility expenses
- Office supply expenses
- Business membership expenses
- Business postal expenses
If you are a penny pincher like me, it's good to keep track of these expenses with an Microsoft Excel file that you can customize to fit your needs. If you prefer a professional to take care of everything, then hire a personal accountant to log everything for you.
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