| If you own a home based business, or even a small | | | | these already. This is a legal business write off, so |
| business, here is a list of some of the small business | | | | make use of it. I would personally upgrade to cable |
| tax write offs you should be aware of. The tax laws | | | | internet if you have not done so already. |
| are setup in such a way as to help you with starting a | | | | 4. Business phone: In this scenario, you must have a |
| business. So we should make sure we are writing off | | | | 2nd line in order to deduct it. I would also recommend |
| everything we are entitled to. | | | | going with VOIP service. For a fee of less than $30 |
| | | | per month, you can have everything unlimited. |
| 1. Home Office: This constitutes a room, where your | | | | 5. Meals and Entertainment: If you go out to eat, or for |
| office equipment is located, which only has one | | | | a coffee, and discuss the business, you can write this |
| entrance and exit. The rule of thumb is you should be | | | | off. Just write on the top of the receipt who the |
| able to shut a door, and not need to go I there except | | | | meeting was with, and keep the receipt. |
| to work in the office. The way the deduction works, is | | | | 6. Mileage: Driving anywhere for a business purpose |
| take the square footage of the office, and divide by | | | | allows you to write off the miles it took you to get |
| the square footage of the house. This gives you are | | | | from point A to point B, and back. Get a mileage book |
| percentage, like 15%. Then you can take 15% from the | | | | to help keep track of this. |
| mortgage (or rent), home owners insurance, electric, | | | | 7. Coffees and Sodas: If you would normally buy and |
| gas, water, and trash bills, and write this off to the | | | | drink these at an office, you can also deduct the same |
| business. | | | | things even if you are at home. Just save the |
| 2. Business supplies: This can include computers, | | | | receipts.? |
| laptops, PDA's, printers, office supplies, business cards, | | | | There is a brief list of deductions you can take |
| stamps, postage, and anything basically used to | | | | towards your business. Just remember, the tax laws |
| maintain the office. | | | | are written in our favor, so make use of these small |
| 3. Internet connection: You will need, or have , one of | | | | business tax write offs. |
