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Tax benefits for home Business
Did you know that 30-40% of you income
goes to taxes?
Your #1 expense in life is TAXES! More
than living expense, transportation, health care, groceries and meals
combined!
By not having a Home Based Business it costs
you on average $20 per day!
Over the last few years Congress has
passed dozens of deductions to help stimulate Home Based Businesses! Tax
breaks so big that almost anyone can slash their Taxes by $3000.00!
Most $4000- $6000.00!
Why has Congress done this? So you can
cover the cost of your Home Based Business! It’s good for the American
Economy!
Not only can you receive a huge refund
at the end of the year, but you are entitled to receive your refund
every month. So if you have a $6000 dollar refund, you can access
1/12th of it every month! That means you can get $500 per
month refund so you can run your business. The Government WANTS you
to succeed!
What can you write off?
Real estate taxes, Mortgage interest,
Rent , utilities, Car expenses, office supplies, furniture,
equipment, software subscriptions, Travel and 50% of all meals,
Retirement Contributions, internet , cell phone, Child Care. You can
hire your children 6-17 years old.
Home Office has to be exclusively
business! You can write of the percentage of square footage of your
house.
Example- Home 1000 sq. ft., office 100 sq.ft.
you can deduct 10% of all house hold expenses!
These are all expenses you pay now
daily. But because of a Home Based Business you can now LEGALLY write these
off as business deduction!
WHAT IS REQUIRED?
- 3 hours a week of work
- Intent to make a profit. NOT MAKE A PROFIT. You just need to show intent.
3. Keep accurate records
Example-
$50000 per year
salary
30% Taxes= $15000
With Deductions 7%
to 10% Tax savings = $3500- $5000!
Cost of a Home Based
Business-
Cost of
business=$400
Transfer buy= $100
per month = $1200(50bv 10ibv) this is a tax deduction
10 Business Presentations = $50
5 Trainings = $75
3 local seminars = $90
1 Major Convention = $1000
Total=$2815.00
So $3500
dollar tax savings, $2815 is the cost of the business in your first
year. A difference of $685 tax savings AFTER the cost of doing
business for ONE YEAR!
By the way that’s being conservative!
Find out more from:
The IRS 800 number
YouTube videos
Your accountant