Soon you’ll be filing your income tax return. As you file your return, you’ll want to maximize all the business deductions you can from your home business. While I’m not an accountant, I can tell you what sorts of expenses you should seek to deduct from your taxes as it relates to your home business. As always, you should consult an accountant when preparing your tax return.
In general, you might deduct expenses related to..
Room in your home. If you have a dedicated room in your home that you use as your office, you may be able to claim that portion of your home mortgage, utilities, home owners insurance, maintenance and taxes as business expenses. The expense is typically based on what percentage that room is of your total home square footage.
Website hosting. If you have a website or blog that you use for your business, those hosting costs may be claimed as a business expense. This could also include the costs of email autoresponders, lead capture page hosting, and domain purchases.
Travel. If you traveled to your company’s meetings, you may be able to claim mileage, airfare, hotel and meal expenses as travel expenses.
Training. If you purchased audio, video or self-help home study courses, those may qualify as training expenses.
Software. If you purchased computer software for use in your business, that may qualify for a deduction.
Office Supplies/Equipment. If you purchased printers, scanners, computers, tablets or related office equipment and supplies, they may qualify as expenses.
Phone. If you use your phone for your business, the cost of the phone and the monthly service may qualify as business expenses.
Internet Access. If you use the Internet in your home for your business, that too may qualify as a business expense.
Contract Labor. If you hire someone to be your virtual assistant to help you manage your business, that cost may qualify as a business expense.
Printing/Reproduction. If you produce printed materials for your business, that may be considered an expense.
Dues/Subscription. Do you belong to an organization that relates to your business? That cost may be considered an expense.
Bank Fees. Fees related to your business bank accounts may be considered expenses.
Professional Fees. If you’ve created a legal business entity, hired an attorney or an accountant, those costs could be considered expenses.
Advertising. And finally, if you purchased leads or web traffic for your business, that too may qualify as an expense. To find a list of your recent orders, log into your MLMLeads.com Member’s account and navigate to “Billing History” to see your recent orders. Pass those expenses along to your accountant.
Again I want to remind you that I’m not an accountant. However, these are the sorts of business expenses you should consider tracking so as to reduce your tax bill. You’ll want to consult your accountant to ensure that these deductions are available for your business.
Thanks for reading.
To your success,
http://www.MLMLeads.com – Helping Entrepreneurs Since 2003
PS. No one likes rejection. Prospect rejection-free.