Tax Deductions for Your Legitimate Home Based Travel Business

Having a legitimate home based travel business has many tax deductions that other businesses some times may not claim. Unfortunately, small business owners end up paying taxes every year because they are unaware of the deductions that are available.

Many of the expenses that are related to your business can be used as a tax deduction on your taxes. Deductions are a big help if you do not pay taxes through the year. To avoid paying large amounts of taxes, keep track of the simple things!

1- Keep your receipt for the business that you join. Your start up fee and hosting fee will be tax deducible.

2- Keep any receipts for the supplies that you buy for your business. (Pens, paper, business cards, etc.)

3- Keep receipts from advertising for your business. (Newspaper ads, magazine ads, internet ads, etc.)

4- Keep a list of any items you may give away, and the costs of these items.

5- Keep all paid phone bills. The long distance that you do for your business can also be tax deducible.

6- Keep mortgage statements and paid hydro bills. A portion of these can be tax deducible for your home office.

7-Keep all bounced cheques from customers and bank statements showing the fees that you paid. These can be used also.

8- Keep all receipts for postage and shipping costs for your business.

9- Keep all gas receipts and mileage that you do for your business. These can be written off.

10-Keep your receipt from a new computer. You can claim depreciation for 3 years after the computer was purchased.

11-Keep all receipts from the hosting that you have done for your business. (Dinners, lunches, coffees, etc.)

12-Keep all receipts for renovations that you have done on your home.

13-The most important one: your travel. Keep all receipts for plane fares, lodging, meals, entertainment, etc., that you have done for your business.