The home business guru: home biz tax deductions Learn if you home business qualifies you for tax deductions.

1. Are You Eligible For Tax
Deductions With A Home Based
Business?

2. Just as a regular brick and mortar business gets
tax deductions, home-based businesses are
also eligible for certain tax deductions that can
help save some money.

3. It is important to find out, as to which
expenses can be deducted, in order to get
the most out of it.

4. Here are some tax deductions that you can
claim, when running your home-based
business.

5. Traveling Expenses:

6. If you travel by air for any business related
to work, then you should definitely save
your tickets or receipts, and claim those
expenses as tax deductions.

7. If you are using your car for your business
needs, then you can also deduct those
expenses, including your fuel bills, repair
bills, insurance and loan repayments.

8. You will also need to maintain a mileage
log for your car usage.

9. These expenses will however be
permissible when you use your car for
business purposes only and not for your
personal purposes.

10. Even if you travel out of town for your
business, then you can still deduct your
hotel room and meal expenses.

11. However, if you take your family along,
then you will only be able to claim for
yourself and not for your whole family.

12. If you take any business associate to
lunch or dinner, then these too can be
claimed, provided you have saved
your restaurant bills.

13. Telephone Expenses:

14. In order to avoid confusion, when filing your
taxes, it’s better to install a separate phone
line in your home or purchase a separate
mobile phone that’s only for your business.

15. You can then claim these phone bills as tax
deductions.

16. Home Mortgage
Interest:

17. You can also deduct the corresponding
amount of your home mortgage interest
that you are currently using as your home-
based office.

18. The space utilized by your office will be
compared with the total size of your home
and the corresponding percentage will be
allowed as a deduction.

19. However, your office space should be
dedicated only for office use, otherwise you
will only be allowed a partial deduction.

20. Business Supplies &
Equipment:

21. If you are using a computer or a copier for
your business, then you can also claim
such expenses as deductions.

22. Accounting software packages, anti-virus
programs or other computer programs along
with recurring expenses, such as computer
stationary, postage or other expenses can also
be included in tax deductions.

23. If you are using an Internet service, then you
can also claim these expenses as tax
deductions.

24. Make a point to save all the invoices related to
your supplies and expenses, in order to
legitimize your claims.

25. Insurance Premiums:

26. You can also deduct your health insurance
premiums, if you are running your home
business on a sole proprietorship basis.

27. However, you will not be allowed to do the
same for your family members, unless they
are also employed in your business.

28. You can also deduct half the amount of your
personal social security payments.

29. It would be better, if you save all the bills and
receipts of your expenses incurred in your home
based business and submit them to your tax
consultant, who can then sort them and claim
them under the correct deduction heading.

30. You should not have any problems with the
tax authorities, if your tax deductions are
genuine and you have the necessary bills to
back your claims.

31. Resources:
[Free WSO] Second home biz wso
Make $80 per day without a website
5 Dollars Millionaire
Mission: Fiverr Domination
Make money from home with Fiverr
Make fast cash cleaning REO,s
Start a pre school biz from home
Start your own Woodworking Biz