100 Great Tax Reasons Homebased Business Makes Sense.
Hey, great to see you back. Today's Boom! blog shows you 100 Great Tax Reasons Homebased Business Makes Sense. You may not know this but just deciding to become an entrepreneur provides huge benefits to your wallet and future.
Now I'm a pretty blessed, fortunate and highly favored guy. I happen to have an amazing TAX PROFESSIONAL as a friend. You can find and friend him on Facebook at Ross Grossman's Premier Financial Services. But, If you are the shy kind or are starting out on a budget, I suggest looking at these 100 great reasons homebased makes sense for you.
First of all who likes doing taxes (besides Ross Grossman that is)? Yeah not too many hands rose up I imagine. Still, we all have to do them; Uncle Sam needs his yearly (and sometimes quarterly hit). I thought I'd share with you some details that could allow you to LEAP into 2017 with the certainty that you are on the right path and securing your part of the money pot finally.
If you are already an entrepreneur or home based business owner you too can gain some foresight too with 100 great tax reasons homebased business makes sense. To make sure you aren't overlooking dozens of legitimate write-offs that could save you a hearty amount of money!
I own a small business (Me). What I do is write content on a blog and share it on many different spokes. Basically, writing for advertising, marketing, home based business wannabees and of course, blogging. This IS my full-time career. As such it does eat up various costs that my accountant has told me I can deduct from my taxes. As I looked into it further, I found not just a handful of possible deductions, but a buffet of items which I share with you here on 100 great tax reasons homebased business makes sense.
But before I go into it, Just a quick reminder about FREE Weekly Wednesday training at 9:00pm EST
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Here are the 100 great tax reasons homebased business makes sense. These expenses definitely need looking into. When you’re a blogger and/or freelancer, many of these could apply to your chosen blogging or freelancing field (I have a buddy that blogs about movies, you can’t deduct movie tickets but if you have no reason to be at the movies, like my bud it's totally kosher).
Disclaimer: You need proof of this stuff. Your word is your bond but it holds no water with IRS. Find the receipts, keep the receipts. With the administration bleeding money, they’re watching for any excuse to hold as much of your cash as they can. In the conclusion of an audit, cause S***! happens, you want your finances to be clear and accurate.
Disclaimer 2: Noting that your expenses don't outweigh your income. It's inevitable in your first year of business though, especially for 90% of people in MLM and Network Marketing when taking into account start-up costs, maintenance fees, marketing materials, etc. Remember, the IRS doesn't like it when you spend more than you make. And if in doubt, double check with an accountant or a certified tax professional like Ross Grossman, CLICK HERE TO MEET ROSS.
Here you go! 100 great tax reasons homebased business makes sense.
- Industry books & periodicals, including audio books
- Other books and periodicals used for research
- Library book charges
- DVDs and CDs related to your blogging
- Movie or theater tickets, if related to your blogging or freelancing
- Music and TV show downloads
- Magazine subscriptions
- Research sites that require a subscription
- Further education classes
- Business podcasts
- Business-related websites (Wallstreet Journal)
- Memberships to professional clubs and affiliations
- Internet access fees ($40 to $100 a month, is HUGE)
- Public internet access fees (Internet café’s, airports etc)
- Stock photo purchases for your blog
- Search Engine Optimization services and fees
- Paid site submissions
- Website hosting fees
- Website design and/or maintenance fees
- Website/blog templates
- Domain name cost(s) and renewals
- Blog expenses (e.g. WordPress updates, plugins, etc)
- Film & Digital cameras
- Web cameras
- Handheld video recorders
- Digital memory cards
- Recordable CDs and DVDs
- Zip drives
- Photo printouts
- Film & film processing
- Printer ink and copier toner
- Phone charging stations (e.g. Airport)
- Second phone line for your business/fax machine
- Long distance charges related to business
- Cost of phone/fax/scanner/copier equipment
- Cell phone & PDA expenses (bills, equipment, accessories)
- Personal voice recorders and memo machines
- Business equipment rental
- Computer equipment & peripherals
- Computer upgrades (memory, video, etc)
- Depreciation costs of computer equipment
- Data storage (both online and external HDDs)
- Any business related software (games too if you review them, hint)
- Software licensing fees
- Anti-virus and anti-spam subscriptions
- Unpaid invoices. If you do some work for someone, be it a simple blog article or a much bigger job, and you get stiffed on the bill, you can write off your loss.
- Fees for other bloggers and freelancers. If you get overwhelmed and pay a friend or relative to help out, any money you pay that person for their assistance is a tax deduction.
- Tax and accounting software
- Tax preparation fees
- Business incorporation costs
- Costs for Trademarks or Copyrights.
- Business logos and graphic design fees
- Business cards, letterhead and other stationery (even stuff you print yourself), if you want a great tool? check out VCard!
- Office supplies (everything from paper to paper clips)
- Home office expenses. You can deduct the part of your home you use exclusively for blogging or freelancing as an expense, including a portion of the rent, water, heating bills and so on.
- Percentage of your home insurance (for your home office)
- Online self-promotion fees (that includes banners and Adwords costs)
- Trade show fees
- Advertising costs (newspapers, stickers, posters, postcards etc)
- Photography fees (e.g. headshots, pack shots etc)
- Photocopying/faxing fees
- Transportation costs: car mileage; airline tickets; taxis; buses; trains.
- Highway tolls
- Parking fees
- Hotel costs for business trips.
- Cleaning & laundering services when traveling for business.
- Costs of conferences, plus all related expenses
- Health insurance costs (if you’re self-employed)
- Computer equipment insurance
- Food and drink purchased on business trips
- Client entertainment (Strip Club deductions… Hmmm? Maybe skip these)
- Postage costs (Stamps.com is ideal for keeping track of postage, and the service itself is tax-deductible)
- PayPal and Western Union fees
- USPS Office Box fees.
- Safe Deposit Box fees.
- Self–storage fees, especially useful if your files and records are spilling over into your garage and you need extra space.
- Advice. Any professional advice you pay for that pertains to your business is a tax deduction, and that includes counseling or coaching.
- Membership dues to labor unions
- Charity work or donations (this one’s complicated. It’s limited to your out-of-pocket costs, materials used during your charity work can be deducted).
- Prizes and giveaways.
- Business furniture. If you use it exclusively for your blogging or freelancing, then anything from a chair or filing cabinet to the whole desk can be written off.
- Business functions. If you hold a little get-together for clients, even just one or two, then everything from the rental of the room (Golf!!!) to food and drink can be deducted.
- Business lunches. You can't include your own meal, but if you pick up the tab at a power-lunch (or just a meeting with a potential client) you can write off their part of the check.
- Job search expenses. Any money you spend trying to get work, from postage to travel, is a deductible expense.
- Alcohol and drug abuse treatment. Try not getting Baker acted in 2017 though…
- Any losses due to theft. Away on business, your laptop/iPhone/glasses gets stolen…write it off.
- Moving expenses related to your homebased business.
- You can deduct 50% of your self-employment tax
- Home improvements. Turn the basement into a home office, those expenses are deductible.
- Clothing and accessories. If you have to buy any clothing for a particular job then those costs are also deductible. But don’t try and write off your new Rolex.
- Business checking expenses. If you have anything more that free checking, it’s a deduction.
- Business gifts. This is cool. If your mom watched the kids while you went off to do an interview or write an article, and you then bought her flowers or chocolates, the gift is tax deductible.
- Annual fees for business credit cards.
- Physical therapy. Check with your accountant for details.
- Medications: Headache pills, eye drops, etc. If staring at the screen all day gives you a killer migraine, you can write off the cost of the meds to help you get through it and keep on working.
- Wages. Say you pay your kid $20 a month to empty your office trash can, maybe as a way to earn an allowance. Well, you can deduct that expense.
- Your dog. #truestory, Prove it's a guard dog and is protecting your equipment, you can write-off the pooch expenses.
- Net operating loss. If your deductions outweigh your earnings, which often happens in your start-up year, you can use that loss to lower your taxes next year.
There you have it! 100 great tax reasons homebased business makes sense. It's a heavy list, but even if only a portion of it applies, it could mean a nice smile and cash back in your pocket. And, you know how dangerous you can be with money in your pocket! BOOM!
Now, before you go and get all ethical and stuff on me, and start comparing me to TRUMP, I value this country, and I value the constitution. While I have representation I will never be against taxation. I don't think it hurts you to take the legitimate tax deductions on the table.
I don't think it hurts you to take legitimate tax deductions listed above in “100 great tax reasons homebased business makes sense”. Stop leaving your money on the table.
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