The Tax Breaks are phenomenal…and Legal!
Don’t underestimate the importance of the tax breaks offered by owning a home based business.
My sponsor mentioned this to me when I was learning about my company, but the impact of these tax breaks should have made me sign on the dotted line right then and there. (For the record, I was kind of a pain…I certainly took my time doing my due diligence.) Every year my husband and I high five each other when I send my P and L over to our accountant. There are MANY legitimate, significant tax breaks to consider.
Once you pencil it out, it often makes starting a home based business a no-brainer.
How about a deduction…or ten?
- Part of your personal housing costs.
- Part of your utilities.
- Mileage from your doorstep to your business related errands.
- Meals when you are meeting with clients.
- The cost of your computer.
- Travel to your company’s training meetings…particularly lovely when those are held someplace fabulous. :)
- Office supplies.
- Courses on sales and marketing training. And don’t forget the travel expenses if there are some.
- Getting your best friend started in another state? Yup, if you’re primary reason for traveling there is business related, write that baby off too!
- Your sign up fees, and business tools, including the products you purchase so you can learn how to use them.
I’ve even found a great way to track your expenses to maximize your tax breaks.
Taxbot. Designed by a tax accountant to keep it all on the up and up. It is an app that helps you keep track of your expenses and your receipts. Oh how I love thee, Taxbot. You make my life so much easier.
You can thank me later for this little gem!
Add it all up, it is pretty amazing.
By the time this is all added up, it makes starting and running your business better than FREE…it most likely will SAVE you money.
Look, I’m a dentist, not an accountant, so do I have to tell to you to contact your tax professional? Yes, you should do that. Just make sure I am not steering you in the wrong direction.
Truly…check these tax breaks for your home based business out. Make it part of your due diligence. I think you will be amazed. When you’re done with your research and ready to jump in, I would love to help you out.
[contact-form]
The post I smell some Tax Breaks. appeared first on A Beautiful Business.
