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Taxes Information |
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Home Based Business Tax Deductions
Running a home based business reaps many wonderful tax deductions that other businesses some times may not claim. Unfortunately to many small business owners end up paying the government taxes every year because they are unaware or several small business deductions that are available. Most of the time any expenses that are related to your business can be added as a deduction on your taxes. If you do not pay taxes through out the year, deductions can help you from paying a large amount of taxes each year and can also adjust earned income. Try to avoid paying large amounts of taxes or owning any money by keeping track of simple things! Each business is a bit different so be sure to mention these ideas to your tax advisor or accountant to see if your business can qualify for these deductions. 1- If you join any business or purchase into any franchise, the expenses such as kits, or franchise fees may be claimed as a deductions. 2- Business Supplies. Be sure to save all receipts for any supplies you purchase for your business use. Computer paper, business cards, pens, catalogs, or any items you purchase and use for your business. 3- Advertising- Most advertising can be claimed on your taxes. Keep all receipts for any newspaper ad's you may run, or any advertising you do online. Advertising is a business expense and in most cases can be written off. 4- Items Given Away- Keep a list of any items you may give away, and the costs of these items. Most freebies may also be written off. 5- Phone bills and internet access- If you have a phone line for business use or have the internet in your home or office for business use, save all receipts for each bill paid. These items are business expenses and may also be written off. 6- An in home office- If you have an office in your home, make sure to let your tax advisor know. Using a room in your home as an office can also be added on taxes. 7- Long distance calls- If you make any long distance calls that are related to your business, make sure you keep all phone bills showing the calls and the amounts charged. If these calls are related to your work, the cost of the calls may also be written off in most cases. 8- Returned Checks and Bank Fees. If you incur and bounced checks from customers and can not collect on them, those amounts may be deducted, along with any fees you were charged from your bank. Be sure to keep the returned check, the letter from your bank and your bank statement to show the fee you were charged. 9- Postage- All postage costs paid by you or shipping fees may be claimed. Keep receipts for all shipping supplies, and postage. 10- Computers- If you purchase a new computer for business use, the cost of the computer may be claimed. You may also claim depreciation for 3 years after the computer was purchased. About The Author This article may be republished with the resources box included and links must be hyperlinked. Tara Grant, owner of http://www.awomansresource.com and http://www.designbytara.com. Tara is a warm-hearted entrepreneur, mother of 2 small children and an avid networker in the wahm and parenting communities!
MORE RESOURCES: CBO's Use of the Income and Payroll Tax Offset in Its Budget Projections and Cost Estimates Congressional Budget Office Georgia taxes- truth versus politics Newnan Times-Herald Kassner quizzed on guns, taxes The Local Ne.ws This 'wild card' strategy offers retirees a fix for unpaid quarterly taxes. Here's how to use it CNBC Arizona 'flat tax' plan in 1987 had stark difference to this year's cut The Arizona Republic The Ian effect on taxes - POLITICO POLITICO Britain's market-rocking tax cuts have been compared to 'Reaganomics.' But there are differences CNBC Clearer path to paying taxes • Northwest Indiana Business Magazine Northwest Indiana Business Magazine Property Taxes By State Bankrate.com Deferred Payroll Taxes Are Coming Due Soon CPAPracticeAdvisor.com Governor McKee Announces Child Tax Rebates Will Start Being Issued This Week | Governor's Office, State of Rhode Island Rhode Island Governor's Office Is collecting 2020 income taxes by Ohio cities an illegal seizure under the 4th Amendment? Today in Ohio cleveland.com Taxes, abortion, vouchers among issues in state Senate District 10 race Monadnock Ledger Transcript Ballot measure seeks to give Colorado voters 'full picture' of future tax changes with income table Colorado Newsline Italy's Gambling Industry Facing New Taxes, Additional Changes Casino.Org News Alaska Income Tax: Economic Implications Tax Foundation Providence Superman Building tax deal would save owner $29 million The Providence Journal Taxes and Finance: Effective and marginal tax – know yours Ukiah Daily Journal New Prop 30 Poll Shows Strong Support In Favor Of Raising Taxes On the Wealthiest Californians California Globe South City Theatre presents Death and Taxes play - Shelby County Reporter Shelby County Reporter Ulster budget spending up, taxes down in proposed $378 million budget The Daily Freeman Cook County voters face 2 property tax hike proposals Illinois Policy United Way Capital Region looking for volunteers to help people with taxes WGAL Susquehanna Valley Pa. KPMG adds six professionals to tax business Consulting.us Maryville repair shop closed after failing to pay state taxes, state auctions off leftover parts WATE 6 On Your Side Northampton County Executive Lamont McClure proposes 2023 budget that keeps taxes unchanged 69News WFMZ-TV Ganahl tax plan involves 'some pain,' but 'great starting point,' Republican budget writer says coloradopolitics.com UN Agency Wants Inflation to Be Fought With Price Controls, Windfall Taxes, Tighter Regulations The Epoch Times U.S. Electric-Vehicle Tax Breaks Rile Asian, European Allies The Wall Street Journal Inflation May Save You Money on Your Taxes The New York Times No transit tax vote in 2022, but new rail lines will require increase, CATS CEO says Charlotte Observer Liz Truss’s Economic Experiment Stumbles After Reversing Tax Rate Cut The New York Times TAS Tax Tip: Get Current on Your Federal Taxes - TAS National Taxpayer Advocate Rise in Deaths Spurs Effort to Raise Alcohol Taxes The New York Times Additional New York State child and earned income tax payments Department of Taxation and Finance Property Taxes by State & County: Median Property Tax Bills Tax Foundation US moving closer to letting Americans file taxes online for free Business Insider Justice Department Seeks to Shut Down Texas Tax Preparer Department of Justice Planning for Your 2022 Taxes Psychiatric Times Tax Revenue in Most States Surpasses Pre-Pandemic Growth Trend The Pew Charitable Trusts EU plans windfall taxes to counter 'astronomic' energy bills Financial Times Inflation Reduction Act pushes IRS to pursue free TurboTax competitor The Washington Post EU targets €140bn from windfall taxes on energy companies Financial Times FACT SHEET: This Tax Day, the President Is Fighting to Reward Work, Not Wealth, While Republicans Want to Increase Taxes on the Middle Class The White House Ranking Member's News | Newsroom | The United States Senate Committee on Finance Hearing | Hearings | The United States Senate Committee on Finance |
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