The Home Business Taxes
Copyright © Obinna Heche
http://www.Marketing-tips.eoltt.com

Here are some tips on making the most money by taking the right deductions on home business taxes.

An entrepreneur who doesn’t have the time, the interest, the energy or the mathematic savvy to keep up on changes in the taxes for home business should have an accountant or a professional tax preparer that can advise her or him throughout the year. Tax laws can and do change. Not realizing or understanding this can lose profit for the home business with payment over taxes needlessly. It can also result in audits and penalties which can be time consuming and costly.

Here’s a general list of what home business owners can generally deduct on taxes.

Auto or other vehicles expenses used in business are eligible for home business deductions on taxes at the mileage rate of 40.5 cents for every mile. The alternative is to claim the actual cost of insurance, car repair and maintenance and gas.

Business forms such as stationery, newsletters and business cards are deductible for a home business as are expenses incurred in entertaining and feeding clients. Generally half of the cost is all that is deductible unless the clients are served in the business owner’s home. Business travel is a legitimate deduction for home business taxes. Any training or education expense that furthers a business owner’s training in his or her chosen industry or prepares them for a new business industry is deductible as is Internet access and expenses related such as computer hardware and software and Web site hosting and design.

Other legitimate deductions of taxes for home business include the interest paid on student loans or business credit cards, the cost of office supplies and furnishings, telephone and other communication devices used in the home office, postage and delivery, business periodicals, the services of consultants and other business professionals and vendors, rent or lease paid on the home business space and the cost of utilities associated with running the home business.

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Obinna Heche: Los angeles - California

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