Tax DeductionsThe last greatest tax deductions is having a home based business. I have talked with several people who would love to have their own home based business. The most common questions. What are the tax advantages? I developed this page that will give you a guide. I do recommend you check with your own Certifed Public Accountant.
Micellaneous deductions are expenses that are totaled up and declared on a seprate schedule of your income tax forms. Make sure you track and keep receipts for every deduction. If audited by the IRS you will be ask to show proof of your deductions. Make sure you keep your records for seven years.
Check the below list of items you can deduct from your income tax when running a home based business.
Licenses and regulatory fees
Advertising cost
Travel Expneses (air fare, car rental, hotels etc.)
Auto expneses
Trade books and magazines
Educational expenses
Meals with clients
Office furniture
Cleaning expenses
Home office space ( a portion of your utillties, telephone, cell phone, internet, property taxes and mortgage payments/rent)
I hope this page will guide you in your research so you can maximize your profits.
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