Did you know your home business can cut your taxes? The Tax Deductions are out there, but you have to put yourself out there with a home business and follow what the IRS has laid out. Bankrate.com has a great article for you to check out, but here are a few high lights. Also, be sure to work with your personal accountant and IRS.gov to make sure everything is correct for your situation.

1. Home Office: Be sure the office space is devoted to your business and absolutely nothing else.
2. Furniture and Office Supplies: This should be a given. When you buy them, save every receipt and save the records. It’s amazing the allowances on this.
3. Computers and Electronics: Again, save all receipts and records. This also covers software and application subscriptions.
4. Mileage and Vehicle Maintenance: This is another choice. This requires you to keep records of your travels and all mileage. The mileage counts for 55.5 cents a mile according to the IRS.com.
5. Travel for the Job: Do anything for the job, even travel. It can pay for itself.
6. Personal Insurance: This is a deeper topic and I advise checking the article for more details. If you are paying all of your insurance and your retirement plan through your full time job, it’s 100% deductible. Again, check the original article and your accountant.
7. Social Security: This one is a question for your personal accountant, also.

There are many ways your home business can reward you and help you in these tough economic times. We all need extra savings and an extra income. Please contact me and I’ll share with you a great way to do both.

Resources used:

1. Read more: Bankrate.com/A Dozen Deductions For Your Small Business
   @Bankrate on Twitter | Bankrate on Facebook
2. Dana Dratch The author of “A dozen deductions for your small business”
3. http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed

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