ALL >> Home-Based-Business >> View Article
The Tax Grind
As an owner of a home based business, a person is also responsible for keeping track of everything they will need for filing their taxes. This is an aspect of the home based business opportunity which confuses many people, but one that is very important to understand and utilize.
Nobody wants to accidentally file something incorrectly or incompletely and risk being charged with tax fraud.
It is important to save everything related to your homebiz. There are a large number of items and services which are tax deductible when you own a home business. Part of your electric bill, rent or mortgage, and phone bill may be deductible since they are used for your business.
Part of your car payment and gas bill can also be deducted. You will want to keep track of all the mileage you put on your car, and keep your receipts when you fuel up. Keep track of which miles were for personal use (i.e. the grocery store or driving to work) and which were specifically used for your business. It is also, obviously, very important to keep track of your expenses and income related to your home based business. Keep all receipts from purchases ...
... that have anything to do with your work from home business. For example, when you buy ink and paper for your printer to print off advertisements, it is deductible. Business lunches can be partially deductible.
The cost of hardware and software relevant to your homebiz can be deductible.
However, keeping track of your income is equally important, if not more so. You need to be able to correctly report your earnings for the year to ensure you are paying the correct amount of taxes on your income.
Keep careful records and all original receipts of all sales you make.
Copyright 2005 Levi Skinner
About The Author
© Copyright Levi Skinner. All rights reserved. Please feel free to publish this article online or in print provided the article and byline remain intact with live links.
Ordinary people are making extraordinary money working from home on the internet. Visit this site now: http://www.HomeBizNow4U.com/pips.html
Add Comment
Home Based Business Articles
1. Why Choose Professional Movers For Your Florida RelocationAuthor: Lloyd Blagrove
2. Top 5 Reasons To Hire A Professional Drain Cleaning Service Today
Author: Rising Son Plumbing
3. Making Small Spaces Bigger: Ommag’s Modular Solutions For Mumbai Homes
Author: Ommag Modular Kitchen
4. Affordable Luxury: Ommag’s Modular Kitchens And Wardrobes In Mumbai
Author: Ommag Modular Kitchen
5. Transforming Your Space: The Art And Advantages Of Hiring A Kitchen Cabinet Painter
Author: Icarus Pro Painters
6. Transform Your Home, Transform Your Life With Gta Renovations
Author: GTA Renovations Canada
7. Solar Panel Installers Things To Know Before You Buy In Williamstown Usa ?
Author: Andrewguntlow
8. Benefits Of Using Best Solar Energy System For Home Williamstown Usa
Author: Andrewguntlow
9. What Are Candle Making Wax The Best Wax For Candle Making!
Author: Namo Creations
10. Darson Designtech: The Pinnacle Of Residential Interior Design In Mumbai
Author: Darsons Designtech
11. Darson Designtech: Redefining Excellence In Interior Design Across Mumbai
Author: Darsons Designtech
12. Rose William Morris Belgian Cushion Cover – Elegant, Timeless Design For Your Home
Author: Amazon Charlotte Home Furnishing Inc
13. Scandi Home Decor
Author: suman poddar
14. Unicorn Square Throw Pillow Cover - 16 X 16 Decorative Boho Cushion Case For European Cotton Room Decor Jacquard Woven Belgian Cushion For Living Room
Author: Charlotte Home Furnishings Inc
15. The Evolution Of Modular Kitchens In Modern Homes
Author: Greeshma G J