There are a number of substantial tax deductions home business owners can take advantage of.
I don’t know about you, but I hate paying more than my fair portion of taxes. In these difficult economic times, it is critical for individuals to keep every dime in our pocket that we can. Running a home based business is one of the greatest ways to keep your hard earned money in your own pocket. Although there are many other home business write offs, the six below are the chief tax breaks.
6 Tax Deductions Home Business Owners Can Use
1) Mileage Expenses
2) Even family trips may be deductible when they are planned correctly.
3) Hire Kids For Tax Free Income
4) Deduct Health Expenditures
5) Home Office Write Off
These expenses can incorporate a part of your rent or mortgage as well as utility costs such as electricity, air conditioning and heat, sewer, water, and Home Owners Association dues. Even a percentage of lawn maintenance and repairs can be deducted from working a business from your home.
6) Deduct Meals and Entertainment
So what does this mean for you? It means that if you don’t have a home business, you ought to get one. The congress has put these deductions in place because they believe that healthy home businesses are advantageous for our economy. Tax deductions home business owners wisely employ, fund the expense of running the business. And everyone benefits.
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