Home Business Tax Savings by Ron Mueller
So Exactly What kind of Home Business tax Savings Can I Expect to See??
It's important to know as much as possible about what tax benefits you can have with a home based business...If you have a Home Business now, you very likely qualify to slash your taxes by 50% or more this year! There are MANY home business tax benefits and mlm tax deductions....
The IRS now concedes that a "business is a business" , no matter what size or where it is located...
Did you know that a portion of your rent, mortgage , utilities, home repairs, phone bills, and dsl internet service, are deductible up to the percentage of your home used for your home based business!
The average home-business owner is overpaying his or her taxes by at least $20.00 a DAY just because of what they don't know. "Information is Power." But, lack of information is expensive!
Here are Some Legal Home Business Tax Savings or Write Offs...
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Get Ron's Book,
"It's How Much You KEEP, That Counts!
Not how much you Make
The List Above are Some of the Home Business Tax Savings....
Some of your deductions are based on the percentage of office space to footage of your home...
For instance, if your home business office takes up 10% of your home, then you can deduct that percentage of your utilities,rent,etc...
I have my office spread out in several rooms as I have 5 kids so my computer is in my living room as it is also used by other members in my family, my desk and phone are in my bedroom - as I need to close my door to avoid all the background noise when I am on the phone....
So when I go to get my percentage of what I can deduct, I simply figure out my floor space. Please note, however, that if you do not have your office in one spot and use it exclusively for your business, you may not be able to deduct a percentage of certain things, like dsl, phone usage, etc...
"Hear a Message from Ron Mueller himself on Home Business Tax Savings!"
My Tax Blog
Fetching RSS feed... please stand byHow Do You Know if you Qualify for Home Business Tax Breaks??
You do not have to actually make a profit before qualifying to take these deductions, but you do have to show you intend to make a profit.
In most cases, the IRS expects you to show a loss your first year or two...
Brief, hand written notes in a scheduling diary is usually enough.
You should be able to show some business expenses such as advertising costs, initital investment, product purchases, travel expenses , etc...
If you meet those four tests, you should qualify for some big-time home-based business tax savings, which could reduce your taxes by thousands of dollars every year....
"When Congress approved these tax breaks, they told the IRS: "Don't make people wait until April 15th"
You can even qualify for these deductions retroactively!
Most of the home business tax savings and write-offs now available to taxpayers who run a small or home-based business, also apply to the past three tax years.
So if you had a home-business in any of the past three years, you could file an Amended Tax Return (Form 1040X), and possibly get a Refund Check for THOUSANDS of DOLLARS - plus interest!
As soon as you add up all of your tax savings, you can visit your employer's payroll office to fill out a short form that will begin putting an extra $300-$600 or more per month in your take home pay.
Here's my favorite link:
Learn ALL You Need to know About Home Business Tax Savings HERE!
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