Home Based Business SAVES You Money!
Home based businesses are able to offer anyone that is interested the opportunity to make money on a full-time or part-time basis. The great thing is, these are right from your very own home! Did you know that on top of making money, owning your own home based business could save YOU money? This benefit comes in the form of some pretty significant tax write-offs.
Most people have heard of tax write-offs and how large businesses use them. Most don’t make the connection that small and home based businesses are entitled to them too. For example, your home office and the rent or mortgage you pay is tax deductible. There are options even if you do not have a full room dedicated to your home office. You can measure the area where you work in square feet and deduct that from your total home payment. Items that you make up your home office with are also allowed to be deducted.
Travel and Meetings
A large part of a home based business also includes travel and meetings with potential clients. These are potential tax write-offs, even if those meetings are local! Keep track of your gas and mileage on business-related trips. You are entitled to get some money back at the end of the year for gas and mileage. For example, you can write off business meals or entertainment if you take a client out to lunch or coffee! Your tax professional is able to help with all of the tax benefits for your new home based business and more.
The benefits of owning a home based business are plentiful on their own. Tax benefits are just the icing on the cake that helps eliminate the fear of putting your money into starting up a home based business! Are you ready to join me and start your own home based business? If you are, click here.