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Amazon.com: "oil yield": Key Phrase pageGift Cards ... Palm Oil Board, After Foster, Oil World, Desmier de Chenon, ... shale oil upgrading, nonporphyrin metal chelates, gas ... Read full post here. (c) Blacksmithing and Metalworking Q&A : anvilfire Guru page : October 1 ...Everyone profits from shared knowledge! Best Per Chenon Per Chenon - Monday, 10/01/07 09:27 ... I'm not really sure why it's rated so low; the stresses from, say, 20 PSI, gas in a 1/4 ... Read full post here. (c) Owning Your Own Home Business -10 Reasons to Look Forward to April 15thOK, no one really likes tax time, but, owning your own home business can make April 15th a bit more enjoyable if you know how to save money on your taxes. There are many legitimate business deductions allowed by the IRS for the home business entrepreneur, the key is knowing what they are and what you need to do to claim them. Sandy Botkin, CPA and former IRS attorney says, "If you do not have a home based business you are loosing money." The tax advantages to a properly formed home business and not a hobby are worth your time and efforts. Tax Advantages
Business Deductions
It should go without saying that all business deductions should be reasonable and necessary. And to prove those claims you must keep accurate books and records. If the IRS where to audit you they would be looking for such items as sources of income, detailed expenses, bank statements, credit card statements and all receipts for purchased items and services rendered. The more deductions your business can legitimately take, the lower its taxable profit will be. Here is a simple example: if you earn $100,000 per year from your job and home-based business, combined, but have $15,000 in allowable business deductions from your business, you would only pay taxes of your net income of $85,000. At 30% tax rate, that could save you $4,500 in federal taxes! Auto Expenses Proper logging all business related travel will help you reduce your yearly auto expense. You will need to track the date, purpose of the trip, and round trip mileage. These few extra steps will save you money on gas, yearly upkeep and insurance costs. Education/Training Expenses All home business owners need to keep on top of their industry or may need to update their computer skills. Cost for seminars, online training programs, books, e-books, professional memberships and subscriptions are all deductible. You can even deduct those fees from your lawyer and tax professional. Business Entertaining Does your home business require you entertain clients? If so, you can deduct a percentage of those costs directly related to the business. Keeping good notes on this activity, jotting down who was their, what was discussed and making certain that business activity was foremost, will ensure the legitimacy of this claim by the IRS. Travel How would you like to have your vacations paid? Owning a home business can help you achieve just that. The IRS allows you to combine business travel with pleasure provided your primary purpose for the trip was for business. You can deduct such expenses as your plane fare, operating cost of your car, rental cars, taxis, lodging, meals, tips, dry cleaning, telephone calls, faxes, well you get the idea. However, this will not include all expenses for family members if they accompany you, unless by chance they work for you! Advertising
All expenses involved with advertising or promoting your business are deductible. For example, business cards, classified ads, brochures, fliers, posters, t-shirts are just a few. Interest
Interest on credit cards and business loans are fully deductible. Computers and Software Is your business done on the computer? Do you need software to operate your business? Do you need to connect to the Internet? These rules can change based on the business model so be sure to check with your account for your industry. Charitable Contributions Part of being a model citizen and business owner is to give back to your community. Charitable contributions are allowable. Again you should consult with a professional on what you can take based on your business structure. Household Expenses This is one of the most valuable deductions. If you use a percentage of your home, say a den or the basement "exclusively" this will qualify you for this deduction. This will allow you to save on your utility bills, phone bills, maintenance; even a portion of the interest you pay on your home is deductible. These 10 tips only scratch the surface of the tax benefits owning a home business provides. As always it's important to consult with a CPA or Tax Attorney to ensure you are taking the proper deductions and getting all you deserve. Keeping those hard earned dollars in your pocket and out of Uncles Sam's is to your benefit. To learn more about additional deductions to consider visit my website Online Business Millions Cindy Floyd
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