Tax Deductions $900.+

June 11th, 2017

Your Tax Deductions Deductions are based on things like how much square footage of your house do you use for your Pictomoney business?  How much gas?  How much office supplies?  How much of your utilities?  You get the idea your accountant will help you, they have lists of what is deductible.  Show them these suggestions too.   Briefly read and skim over the information below and at the end is another terrific link. Don’t be tied to a desk or schedule! Home Based Business Tax Deductions Article

Taxes Turning You Off?  $900+ Deductions Will Help…
Ask your Accountant or Tax Advisor how much you can deduct.  Save your business receipts.
 
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 adviser 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. Receipts for these business start-up costs should be saved.
2- Business Supplies. Be sure to save all receipts for any supplies you purchase for your business use. Computer paper, business cards, pens, catalogs, brochures 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, banner advertising, 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.
A cell phone that is used for business is also a deduction.
6- An In Home Office- If you have an office in your home, make sure to let your tax adviser 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 any 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.

See this link and from here you can right to the IRS pages to get their bottom line on deductions.

http://www.essortment.com/home/businesstipsta_ttvz.htm

Best of luck to all of us.

 

 

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