What are the real tax benefits of a home based business ...

?Building wealth is not so much about what you make, but most importantly how much you keep.?

The tax benefits of a home based business are substantial and one of the major attractions of going into business for yourself. Let?s face it, tax laws are written for business owners and not for employees.

This special report is designed to provide you with helpful information regarding the tax benefits of a home based business. It is derived from hours of consultation with my CPA as well as intensive study of the subject. I am not a tax professional, and the information in this report is not intended as tax advice. Please consult a qualified professional to discuss the specifics of your tax needs.

Who will benefit from reading this report?

Anyone who believes that they cannot afford to open a Home Based Business.
Anyone who believes that they are paying too much tax.
Anyone who wants to find ways to legally minimize their tax liability.
Anyone who is afraid to maximize their allowable business tax deductions.

The Real Tax Benefits of A Home Based Business

Legally Minimize Your Tax Liability
Utilize the Tax Savings to help you achieve your financial goals
Take control of your own Retirement Plan
Ability to choose the most advantageous way to conduct business
Take advantage of legal tax loopholes to help you build your business

]]>

Personal expenses which you would normally not be allowed to deduct can become deductible when you have a home based business. Some allowable home based business deductions include:

Part of your home
Vehicle
Computer?s
Meals
Travel
Utilities
Education
Bank fees
Telephone
Cellular
Internet
Office Supplies

BASIC RULES OF A HOME BASED BUSINESS:

Business deductions can reduce your personal tax bracket if you show a loss.
Business deductions may assist you to qualify for larger tax refunds,
Uncle Sam wants to help you start your very own home based business, PROVIDING:
You want to eventually make a profit to help the U.S. Economy and pay more taxes!
You do not abuse the system,
You follow all of the tax rules
You keep all your business income and expenses separate from your personal.
You maintain accurate business records.
You file quarterly estimates when showing a profit.
You file the necessary income tax forms as required by law.

DEFINITION OF A BUSINESS DEDUCTION:

Generally a business deduction must meet the following characteristics:

Must be customary and necessary to conduct business in which one is engaged
Must be expenses necessary to sustain life.
Must be supported by required receipts and or other documentation.

SOME Basic Tax Planning Strategies:

Buy a home instead of renting.
Become self-employed, even if on a part time basis.
Turn your hobby into a business.
Incorporate your business, whenever possible.
Identify legitimate business deductions.
Maintain detailed records of all expenses deducted.
Use a business credit card for business.
Keep detailed records of your miles, travel and meals, to maximize your deductions on a daily basis.
Keep in mind that on travel expenses connected with business activities, necessary to sustain life are deductible.
Set up qualified investment plan such as an IRA or SEP

A Word of Caution

If you have a home based business, and you do not have current, accurate and separate records to document your business deductions, you run the risk of having the claimed deductions disallowed by the IRS.

Tax Advise Liability

Anyone who gives tax advice must be a Tax Professional, with one or more of the following credentials:

EA (Enrolled Agent)
CPA
Tax Lawyer

?

DO NOT BE AFRAID TO REDUCE YOUR TAX BURDEN. IT IS PERFECTLY LEGAL!

My background is in traditional advertising and marketing. I have found a way to use my old school skills to effectively generate more leads and create lasting relationships online. Cool. To check out my rants, raves and reviews, and get some free training, visit my blog at http://bobhebertonline.com

Source: http://ghrtlawfirm.com/what-are-the-real-tax-benefits-of-a-home-based-business.html

coldwell banker eras oscar de la hoya philadelphia phillies cher verizon wireless alyssa milano