You can earn $200 – $800 every month in tax deductions when you start a legitimate home based business. You are flushing your money down the toilet if you are not taking advantage of these tax breaks that most governments provide. Some of the deductions you may be able to claim are listed below:
Marketing tools and office supplies
Pretty much everything you need to run your home office to properly build your business is now tax deductible.
Write off a portion of your utilities
A portion of your gas, electric, water, sewer, garbage and other utilities can be a tax deductible business expense.
Computers, furniture, furnishings, and other office equipment
Desks, chairs, copy machine, fax machines, laptops, printers are all tax deductible business expenses.
Portions of your rent, mortgage, home-maintenance and repairs
Write off the portion of your home that is regularly used for business purposes.
Mobile phones, office phone and internet service
Write off the business use portion of your home and/or mobile phone, as well as your internet service. Or, you could always just get a second line specifically for your business.
Meetings and conventions
These can be local, out of state, or in another country as long as they are ordinary and necessary for your business.
Business use of your car or truck
By leveraging just this one deduction you could be able to increase your monthly take home income by hundreds per month! You will want to leverage this deduction, at the very least!
Non-reimbursed medical and health care expenses
Anything your employer does not cover could be covered by your home-based business.
Business travel that may include a family vacation
Go on a business trip and stay a few extra days and relax with your spouse and the rest of the family.
Gifts, meals, recreation and entertainment expenses
Turn your next lunch or dinner at your favorite restaurant, golf game or other sporting event into a tax deductible business expense.
Hire your kids to work in your business
Don’t pay your children an allowance – Teach them while they are young the value of hard work and the benefits of owning a home based.
This is a very short list of the many tax deductions available to you when you start and operate a legitimate home based business with the intent to make profit. There are many more costs and expenses that you will be able to claim when you start a legitimate home based business. Please consult your tax consultant as laws may be for slightly different for each country. The basic principles however remain unchanged as majority of the governments encourage people to start their home based business to generate employment. You can fund your investments and businesses from the tax refunds.