Are You Taking ALL Your Tax Deductions?
By Kay Green,
Many businesses owners do not take all the tax deductions they can - costing
them money is taxes. Most business owners over pay their business taxes
1. Home Office Expense - you can usually deduct space for your office (especially inventory storage) including utility, mortgage interest, insurance, phone, ISP
2. Mileage - 36 cents a mile for business miles. Plan wisely! Do business errands every time you are doing other driving. Give out coupon packs on every trip.
3. Hire your children - You can pay up to $4400 per child (over age 7) for doing business chores for you, and it is not taxable for them if they have no other income.
4. Equipment - new rule last year lets you do a straight write off on $24,000 equipment, computers, furniture in the year purchased even if financed.
5. Medical Expenses - 100% write off for small business owners. Most miss this. Set it up as an employee benefit for you, your spouse, and your children that work for you.
6. All cost of business - printing, postage, office supplies, advertising, education, books, resources, ISP, web page cost, etc.
Be sure to keep records:
who, what, where, when, why in your day timer
IRS wants to see you pursue profit. Look like a business. Have a business
license. Advertise. Have business cards. Use your business name. Get a
separate business checking account and credit card.
Make sure you write off everything you can this year and keep more income
for your family!
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Articles written by Kay Green, Child Safety Expert, and Christian mom to Melissa 30 (married to Matthew), Jordan 27 (married to Katie), Allison 25, Haley 12. Kay and Russell, her husband of 33 years live in rural Oregon.
Kay's first granddaughter Madison
Kay was born December 2006. Twin grandsons Micah & Mason
May 2009. Granddaughter Emma Kate was born in September 2010.
http://www.MyPreciousKid.com Child Safety, Cloth Diaper & Baby Gear Store
http://www.KayGreen.com Author and Family Site
http://www.BuildItRightBusiness.com Helping others build businesses
Kay has also joined Send Out Cards - A Greeting Card Business
COPYRIGHT 2000-2013 My Precious Kid, Kay Green.
All rights reserved. Reprinting is only with this author's box and copyright intact.