Home based business reaps many wonderful tax deductions that other businesses some times can not claim. Unfortunately for many owners of small businesses have to pay the government taxes every year because they are unaware or several small business deductions available.
Most of the time any costs related to your company which can be added as a deduction on your taxes. If you do not pay taxes through the year, deductions can help you to pay a large amount of taxes per year and can also use the income from employment. Try to avoid the payment of large amounts of taxes or owning money by keeping things simple!
Each business is a bit different, so be sure to mention these ideas to your tax adviser or accountant to see if your company may qualify for this deduction.
1 - If you purchase a franchise or by any business,
cost, such as kits, or franchise fees can be claimed as deductions.
2 - Business of Supplies.
Make sure all receipts for any supplies you buy for your company. Computer paper, business cards, pens, catalogs, or you all buy and use for your company.
3 - Advertise
Most advertising can be claimed on your taxes. Keep all receipts for a newspaper ad you may make, or any form of advertising that you do online. Advertising is a business expense and in most cases can be depreciated.
4 - The points given away-Keep a list of all items that you can give away, and the cost of these items. Most freebies may also be depreciated.
5 - Telephone and Internet access accounts-If you have a phone line for business use of the Internet in your home or office for business use, saving all receipts for each bill paid. These items are business costs and can also be written off.
6 -Office in your home
Make sure that your tax adviser have pointed out, if you have an office in your home. Using a room in your house as a feature can also be added to taxes.
7 - Long talks
Make sure of all the bill with the calls and the amounts charged, If you long talks that are related to your company. The cost of the calls can also be written off in most cases, if these calls are related to your work
8 - Returned Checks and bank charges
Checks and bank charges amounts can be deducted, along with any costs that you charged to your bank, if you enter and returned checks from customers and can not collect on them. Do not forget to check the returnees, the letter from your bank and your bank statement showing that the fee will be charged.
9 - Transmission
All postage paid by you or shipping costs can be claimed. Keep receipts for all shipping supplies and postage.
10 - Computers
The cost of the computer can be claimed, if you buy a new computer for business. You can also claim depreciation for 3 years after the computer was purchased.
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