Tax Advantages Of A Home Business!

[BKamanski]

Anyone Want To Save Money?
===================================
Tax Incentives!
===================================

Many people overlook this very important benefit but it can
make a huge difference for you come Income Tax Day! Running
a business out of your home can S A V E you u^p to $5,000 or
mo~re on your taxes every year!


Here are just some of the things you can write off:
===================================

---[ Your business start-up costs
---[ A portion of your house payment or rent
---[ A portion of your utilities
---[ Car expenses
---[ Travel
---[ Meals
---[ Magazine subscriptions
---[ Child care
---[ Telephone bills
---[ Postage
---[ Office equipment (need a new computer?)
---[ Software
---[ Bank fees

===================================


The L i s t goes on! Many of these things you have and pay
for anyway! But now that you operate a business from home,
they become a tax write off.


You can even pay your kids to work for you and write it off!
Now that's a smart way to save for college!


Of course you'll want to consult your accountant as laws
vary from state to state, country to country and year to
year, but we can promise you this: having a Ho^me Based
Business will help keep more of your hard earned money in
your pocket instead of The Tax Man's!

Continued Success!
Brad Kamanski

 

[Terri-LynnYoung]

Great Post!  Thanks!

[P_Gringel]

    Many thanks B Kamanski
                                    this is something I have let slide.

[Leonard Roth]

Hi I am just filling out the forms that we have to submit and I see that that the us government is going to take 30% of my $1 a month. Are you kidding me? Is this really true? Can anybody doing this business outside of the US confirm this for me?

Thank you

[crusade2wealth]

Hi I am just filling out the forms that we have to submit and I see that that the us government is going to take 30% of my $1 a month. Are you kidding me? Is this really true? Can anybody doing this business outside of the US confirm this for me?

Thank you

That's a great question:

If you reside outside the US, you are not required to submit a W8 Form and cannot be taxed by the US Government. Only US citizens are required by law to report their income.   With that being said, I am not certain of your country's tax laws.  So proceed accordingly.

Do consult your tax professional.

[MikeWilson]

Brad,
 You are correct most people do overlook the tax benefits of having a HomeBased Business. What I have found out the last couple of years talking to people who have a HomeBased Business is alot of the time it`s because they don`t use a Tax Professional who is knowledgeable in HomeBased Business taxes. The second thing i found out is most HomeBased Business owners don`t know where to look to find any information on these tax benefits. If you click on the little globe of the world on the  left corner you will go to my  website. On my website you will find a link  for tax benefits information. This is for USA taxpayers.

Financial Freedom Solutions

[Stephen Hanley]

The most wonderful thing about owning a business is that you are able to spend 'Before Tax Dollars', so before the tax man takes his cut, you've already had access to it (which you could have invested into making more money!)... In a traditional job, up to and/or exceeding 50% of your income can be consumed in after tax dollars, which is your pay cheque after the tax has been deducted! In this case you'd never receive that portion to be able to invest it in the first place! So there's a fantastic benefit that I hope inspires some of you to keep going with your home based business!

All the best! 

[David Minns]

In the UK will have to pay a percetage of your $1 for each sale to the tax man. If you don't have a "real" company then you will have to do it via self assesment. So you will pay between 23% and 40% of your $1 to the tax man.

If you set up a company then you can be more tax efficient, however I would not suggest an LLP or you will be at the normal tax level. If you make a LTD (limited company) you can store your earnings until you need then and only pay coporation tax which is about 21%. Then you can buy computers and hardware on your company before you pay tax.

So for example, if you are a 40% UK tax payer and buy a laptop it may cost you £1000. If you have a LTD company and buy with your profits before tax it will have an effective costs of £600. You can then make people share holders and pay them dividends. If you have a wife or husband who doesn't work then you could pay no extra tax on money you take out.

When you start to make serious money you need

1. A company
2. An accountant

With out these you could be breaking the law if you don't claim your earnings.