Tax Advantages to Working at Home

  Written by Sabrina Coffin on Feb 20, 2009 12:07 am

Read More: Companies

There are many tax advantages to having a home based business. I have personally listened to a list of well over 50 ways you can document and deduct business expenses from your U.S. Income Taxes. Pay close attention as some of these may surprise you!

The IRS requires all of us to keep written documentation to qualify for any deductions so be sure to keep all your receipts! I keep my receipts in an annual folder, ensuring all of my receipts stay organized and ready for tax season.

After close examination of the home based business industry, statistics showed that most individuals never produce a profit from their company. In fact, only 3% of those who own a home based business produce a profit. I'm part of that 3% club so I'm always careful to save my receipts to ensure I can claim the deductions.

The following is a partial list of potential deductions for your business:

Your Membership Fees

Product Purchases

Product Samples

Rent

Office Equipment

Office Space

Electrical Bill

Sewer/Water Bill

Insurance (not deductible for those without a home business!)

Cleaning Service (provided they clean where your office is, too!)

House/Office Repairs

Landscaping (if people come to your house on business)

Personal Training Expenses

Garbage Service

Advertising Expenses

Flyers

Business Cards

Brochures

Company Literature and Catalogs

Reproduction costs (photocopies, etc.)

Labor Expenses when you hire your children!

Business Related Travel Expenses

Meals while on Business

Always consult with your accountant as laws vary in each state and country and from year to year. Having a home-based business will help you to keep more of your hard earned money in your bank account. It pays to work at home!

Sabrina Coffin

Everyone wants to make more money!
Download my Free Ebook for find out HOW to make more money in 2010!
 

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About the Author: Sabrina Coffin

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Member Since: 02/19/2009

Company: Circle of WAHMS

Industry: Business Opportunities

Primary Web Site: http://www.CircleofWAHMS.com

Comments

A great home business

Nice article Sabrina,
Running a home business gives
many tax advantages and deductions.

Alice McCarthy

Alice McCarthy — Mon, 03/01/2010 - 9:45am

Important and Timely!

Great information for the beginning of March, Sabrina. Knowing what items are legitimate deductions will make a huge difference for many people. My "business receipts" folder is ready to go! :-D

Lyn Mullins — Mon, 03/01/2010 - 9:50am

Good Old Uncle Sam

Great Post Sabrina! Thanks for Sharing!

One of the Great Perks that we have from working at home, Tax Deductions! Another great reason to start a home business.

Nicholas Moniz — Mon, 03/01/2010 - 10:30am

Taxes are always a headache

Thanks for sharing this to make it a little easier!
your friend for life Juanita Waterman

Juanita Waterman — Mon, 03/01/2010 - 12:05pm

Perfect timing.

Valuable information and it's just at the right time of year. Great post, my friend! Guess I better file my taxes now.

Lynn Jones — Mon, 03/01/2010 - 1:25pm

Home Business = Thousands More In Return

What we don't know will hurt us! I couldn't believe how much more money my home based business would bring into our family. I'm talking thousands of dollars. Knowing this, why wouldn't everyone want a home business? Makes you wonder, right? Excellent article with great info of value! Keep it coming~

Jenny Wudtke — Mon, 03/01/2010 - 1:47pm

The Right Off Queen...

...is what my husband calls me. Don't forget your internet services. I can even right off Coke for doing my husbands laundry...lol

Zelphina Pierson — Mon, 03/01/2010 - 3:04pm

Great Post to Provide Now!

I'm making sure I go over this entire list twice - and keep it printed off for next year, it's easier to start organizing this stuff before NEXT February rolls around!

Thanks Sabrina!

Vicki Berry — Mon, 03/01/2010 - 4:28pm

Thanks

Thanks for a great article. . . so helpful to remember all these things at this time of year. I'm so thankful I have a home business!

Linda Krueger — Mon, 03/01/2010 - 4:47pm

Thanks for sharing this info

Thanks for sharing this info Sabrina, I found it to be very helpful. I am actually going to print it out! : )

Stefanie Sanspree — Mon, 03/01/2010 - 7:03pm

Wow, that was right on time

Perfect timing, I was getting my business tax info this weekend. Your list helped me remember some of the things I forgot to list. Thanks Sabrina! :D

Vikki Lawson — Mon, 03/01/2010 - 7:06pm

Great Article Sabrina Thank You For Sharing It !

I know this will benefit me and my family.
Thank You !

Steven Squillace

Steven Squillace — Mon, 03/01/2010 - 7:57pm

IT'S NOT HOW MUCH YOU MAKE...

It's how much you KEEP, 'Tis the season, Great post, Thanks

Ernie Giordano — Mon, 03/01/2010 - 8:09pm

Sabrina, This is a Keeper!!

Hey Sabrina, thanks for sharing this. It will help me out with my business. Thanks for value. Its a great post and great timing.

Therese Catanzano — Mon, 03/01/2010 - 9:01pm

Sabrina, This is a Keeper!!

Hey Sabrina, thanks for sharing this. It will help me out with my business. Thanks for value. Its a great post and great timing.

Therese Catanzano — Mon, 03/01/2010 - 9:02pm

Wow, that's alot of deductions!

Thank you Sabrina,
This is very good information. It will help me to save receipts and keep my money in my bank account.
Timothy C Burns

Timothy Burns — Tue, 03/02/2010 - 7:14am
 

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