Monday, August 20th, 2012 at 11:20 pm ?
Share On Google+ Here ===>>>Are You Keeping Tabs on Taxes and Your Home Business?
When it?s time for the tax season to roll around are you keeping tabs on taxes and your home business.? Owning a home based business has its challenges. Your taxes don?t have to be.
If you set a plan and do a little tax preparing monthly you will find it easier to have your taxes ready before the April Tax Deadline.
Every year network marketers wait until the last minute to get their files and tax reports ready. They spend more time going through their receipts, sales reports, travel expenses and commissions then is necessary, if they would just do it monthly.
Here are 8 tips on some things you need to know on taxes and your home business. These are just suggestions and you can tailor them to your own needs. The idea is to at least have a plan and do it monthly. It beats out on losing any tax savings because you keep bad records.
1. Use a daily log or a spreadsheet to keep track of your expenses. At the end of the day write down any costs you may of incurred while working your home based business. Some examples are: office expenses (paper, ink, envelopes, etc.), postage stamps, marketing tools, info products, entertainment and food expenses.
2. Always keep your receipts. This will help you when you go to log your daily expenses. Take your receipts and keep them in a folder or a large envelope. Separate them by the week and label the folder by the month. This way every receipt is easily accessible and not sitting in a pile.
3. Having a home based business usually means that you are conducting business from your home. Clear an area for your office. Maybe use a spare bedroom or basement if you don?t have a so called home office. There are several tax deductions you can take advantage of by having? your office in your home.
4. Most home based business offices will have computers, printers, scanners, monitors? and laptops. Anytime you purchase a new computer, laptop or upgrade any of your peripheral devices they are tax deductible.
5. In order to do business you have to a dedicated phone line and Internet service. Adding an additional phone line to your house and upgrading to a higher speed Internet Service are monthly deductible expenses.
6. If you have employees you can deduct their salaries as a tax write off. If you are outsourcing your work you can also take a tax deduction. Better yet get your family involved in your business. Whatever you pay them is also a tax deduction.
7. Traveling? to and from your business meetings is considered a tax deduction. If you are going to home meetings, local events, meet up groups, or meeting a prospect for coffee you can write off the mileage. Keep a mileage log book in your vehicle and every time you travel for business write your mileage down. You can even write off your vacation mileage as long as you are doing some kind of business along the way.
8. Last but not least. Hire yourself a professional tax accountant. They will save you endless hours of doing your own taxes. This way you will rest assure that you aren?t missing anything and that you are taking full advantage of the tax deductions for your home based business. Plus you can write off the tax preparation done by your accountant.
If you follow these tips on taxes and your home business you will find that you will be much more prepared come tax time. Being prepared is going to go a long way towards making tax season go smoothly. And your? tax accountant will love you for it.
Please, share your thoughts in the comment section below.
Until Next Time ? Build Today For A Better Future Tomorrow!!
Article Pictures: Free Digital Photos
Related Posts: How to Survive A Recession: Start A Home Based Business!
PS: Gain access to a group of the elite class of online network marketers who will give you their secrets so you can achieve the results you deserve! ? Click Here Now!
If you have found some value in today?s post, 8 Tips on Taxes and Your Home Business, then be sure to share it with your social media friends on Facebook and Twitter and Comment below!
Like this post? Subscribe to my RSS feed and get loads more!
slim dunkin will rogers ohio university ohio university keystone xl pipeline idaho potato bowl cagayan de oro
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.