Tax Benefits of Owning Your Own Business by lisasaline


More Info
									Know About The Tax Benefits Of Owning Your Own Business by: Lisa Saline
Tax benefits of owning your own business are many and the same holds for a money- making home business. The tax benefits are a great impetus and today’s multi-tasking women are increasingly getting involved in one or the other prosperous home business for women entrepreneurs so that they reap the benefits of tax deductions. You too can join other successful women entrepreneurs – attain financial freedom in the form of executive level income opportunity and celebrate professional success, all the while being very attentive to your other responsibilities as a mother and/or homemaker, but then you must know how to make the most of tax benefits. Tax Benefits for You Tax benefits of home business are numerous and normally all investments or expenses you make for your businesses can be written off, deducted from the tax you pay. Whatever start-up costs your business requires, say for buying a product kit for your network marketing business or a computer for your in home online business for moms, are among your standard tax deductions. The other allowable reductions on your tax returns include your expenses for business supplies, phone line, business advertisements and all your business-travel expenses. If your business requires accessing Internet/Web Services, all expenses you make for Internet connection service, web hosting, domain names, etc. can also be written off as a business expense on the taxes. An interesting addition to this list can be expenses you make for buying gifts (up to a maximum of 50%) for your business clients and include expenses on such heads as meals and/or tickets. Indirect expenses you are required to make on maintenance head, such as an allocable share of utility costs, insurance and depreciation are included in the home business deductions. Ways To Ensure Tax Benefits For Your Own Business Owning your own business or for that matter a home business entitles you to receiving tax benefits but then you must and must pursue your business like a business – using business space, business equipments and devices, vehicles, et al exclusively for business. Maintaining documented proof of all expenses like phone bills, receipts, etc. is the other vital requirement. Conclusion Indeed, there is nothing like being your own boss. With nobody else to pull the threads, you can manage your business, your time, your actions, your decisions and your money. The last of these – managing money and other money-matters – necessitate familiarity with the ideas of wealth management and the tax benefits of owning your own business.

Contact Lisa Saline about starting your own home based business 952-212-6134

To top