Tax Tips & Reminders for Home Businesses

Tax deductions are better than ever for the Home Business entrepreneur. As long as you are working from your home, with hopes of making a profit, you can itemize utilities, upkeep and many other items on your tax return. AND...the IRS knows that most businesses won't make a profit in the first 3 years, but you can itemize your losses!

1. Do not forget to keep track of the phone calls to clients.
2. Any travel to and from to meet a client is deductible.
3. All Marketing expenses.
4. Landscaping expenses; a portion can be deducted.
5. Cleaning or upkeep of the home; a portion can be deducted.
6. Alarm system; a portion can be deducted.
7. New equipment/software purchased can be deducted.
8. Did you pay your kids to help you? Wages are deductible.

And keep in mind, I have found that all tax accountants and tax preparers will not always provide you with your fair share of deductions. Sometimes, its good to Google what deductions are in store for Home Businesses. This way, when preparing taxes, you can go prepared and ask questions. I have found this out the hard way.