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Taxes Information |
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Home Business Tax Tips
If you have recently started an Internet or home business, your probably a little intimidated by having to submit a tax return and the possibilities of being audited. Simply follow these guidelines and rest assured that filing your next tax return will go smoothly. Get yourself an accounting ledger booklet The first thing that you need to do at the beginning of every year is purchase yourself a accounting ledger booklet. These can be found at your local office supply store and can be found for under $10. You can deduct your millage and the accounting legder also. Keep a millage tracking sheet in your car Each year I make myself a simple spreadsheet that I keep in the glove compartment of my car. Each time that I need to get office supplies, or I go to the post office to mail flyers, I write my beginning and ending millage down on the spreadsheet. At the end of the year, I just transfer the millage over to my accounting ledger. Keep track of your Utilities If you have a room in your home that is used only for your internet business and nothing else, you will be able to deduct a portion of your utilities. I especially like this because I have to have these things anyway with or without the internet business and now they are tax deductible. Everything from gas, electricity, long distance and garbage pick-up are allowable deductions. Be sure that you keep your payment receipts in your accounting ledger. Other Business Expenses You will also be able to deduct any payments to your internet service provider. If you have a website you will be able to deduct your domain name and hosting plan expenses. Other deductable items could be anything you have purchased to maintain your business such as: fax machines, copy machines, scanners, ink cartridges, desks, chairs, phones, pencils, paper, etc. Advertising / Membership Fees If you pay for advertising or your internet business has a membership fee, these expenses can be deducted also. Labor Expenses Many home business owners pay members of their family to help with the home business. Be sure to keep track of the wages that were paid to employees or family members. Entertainment Expenses I don't have too much to deduct in this category, but several times a year I will meet a potential client over dinner. Keep track of your dinner expenses, including tips...this is all deductable also. Income In addition to all your deductable expenses, you will also need to keep track of any money that you make with your business. In closing, simply keep track of all your millage, utilities, office supplies, labor and income in your accounting ledger. Be sure to attach a copy of your receipts. Total up each category at the end of the year and take the entire booklet into your tax preparer. You will find that having a home business can be hassle free at tax time if you have taken the time to keep track of your expenditures and income. Best wishes for your future success and prosperity! Sincerely, About The Author Rebecca Gilbert is the owner of a successful internet business located at: http://www.101homebusiness.org. For more tips and articles written by Rebecca, please visit: http://www.101homebusiness.org/home_based_business_articles.html
MORE RESOURCES: Arizona's Lowest Flat Tax in Nation To Take Effect Next Year Arizona Governor's Office (.gov) Like the U.K., should the U.S. consider tax cuts to stimulate economic growth? The San Diego Union-Tribune After referendum, split Winnebago County Board decides against raising taxes for River Bluff Rock River Current Joni Ernst targets IRS workers while big-money tax cheats get away with it Iowa Capital Dispatch Inflation may save you money on your taxes The Seattle Times Did You Sell an Old Desk Online? You May Receive a Tax Form. The New York Times Taxes get passed down to all of us Las Vegas Sun Losing a Home for Unpaid Taxes Often Means Losing Your Equity, Too The Pew Charitable Trusts Governor Parson Issues Statement Regarding Income Tax Cut Approved by Missouri General Assembly | Governor Michael L. Parson Governor Parson Iowa corporations to pay lower taxes as state amasses $1.91B surplus Des Moines Register Tax Management Software Global Market Report 2022 Yahoo Finance Rising Manassas taxes pushed Bookwalter to run: 'the city has gotten drunk on tax money' PotomacLocal.com Here's How Big Crypto Losses Can Benefit Your Taxes The Motley Fool Former State Sen. Vincent Fumo faces new trial over IRS demand he pay $3 million in back taxes The Philadelphia Inquirer Volusia County District 3: Both candidates promise lower taxes, smaller government The West Volusia Beacon The Inflation Reduction Act's Labor Rules for Energy Tax Credits and Carbon Capture | Insights Holland & Knight L.A. 'mansion tax' would raise money for affordable housing Los Angeles Times Kelly backs school sales tax holiday, tax relief for elderly and quicker end of 6.5% food tax - KWCH TABLE-Russia sets grain export taxes for Oct 5-11 Successful Farming Gamblers in Spain Face Additional Taxes Under Proposed Change Casino.Org News Amendment Two: Should the Legislature be able to shift property taxes? West Virginia MetroNews Dodging taxes or saving the planet? – Trinitonian The Trinitonian Tax Secrets of Health Savings Accounts - WSJ The Wall Street Journal Florida gas tax holiday begins Saturday during Hurricane Ian recovery Tallahassee Democrat Our Views: No state income tax? Beware of legislators' posturing on tax cuts in election year NOLA.com Tallahassee Republicans increased taxes on everyday Floridians to cut taxes on big business | Opinion South Florida Sun Sentinel Deadline for buffer strip property tax incentive approaching South Dakota State News Home Commissioner Mirabito: Non-profit tax exemptions need to be addressed Williamsport Sun-Gazette St. Louis County residents could pay $67 million more in taxes because of used car values St. Louis Post-Dispatch Late property tax bills prompt loan offer from Cook County Chicago Tribune Whitmer Announces Tax-Free Public Service Loan Forgiveness Michigan (.gov) Fourth Defendant Sentenced in Farmington Tax Fraud Conspiracy Department of Justice Resident accuses Leadwood alderman of unpaid taxes Daily Journal Online Colorado And Washington Got More Tax Revenue From Marijuana Than From Alcohol Or Cigarettes In Fiscal Year 2022, Report Finds Marijuana Moment Excess Profit Taxes: Historical Perspective and Contemporary Relevance - International Monetary Fund Excess Profit Taxes: Historical Perspective and Contemporary Relevance International Monetary Fund Tax Moves to Take Now to Save on 2022 Taxes My Federal Retirement TAS Tax Tip: Get Current on Your Federal Taxes - TAS National Taxpayer Advocate Why do we pay personal property taxes in Arkansas? THV11.com KTHV Courts Split On Supervisory Approval Requirement For Tax Penalties - Tax Authorities - United States Mondaq Rise in Deaths Spurs Effort to Raise Alcohol Taxes The New York Times Some states could tax recipients of Biden student loan forgiveness The Washington Post Property Taxes by State & County: Median Property Tax Bills Tax Foundation Additional New York State child and earned income tax payments Department of Taxation and Finance TAS Tax Tip: What the Inflation Reduction Act Means for You - TAS National Taxpayer Advocate 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 Tax Revenue in Most States Surpasses Pre-Pandemic Growth Trend The Pew Charitable Trusts MicroStrategy Chair Michael Saylor accused of evading $25 million in taxes by DC attorney general CNBC EU targets €140bn from windfall taxes on energy companies Financial Times Inflation Reduction Act pushes IRS to pursue free TurboTax competitor The Washington Post How Raphael Warnock Dodges Income Taxes Washington Free Beacon |
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