Forbes magazine 1997 - I Gave at the IRS
Americans Fork Over an Average of 35.2 % of Their Income
Money, May 1990 - The Tax
Court Opens the Door for Home Office Deductions
The home office deduction is one of the most closely guarded
goodies dispensed to taxpayers by the Internal Revenue Service.
| * The following is only a
partial list of the many possible tax deductions available for a home-based business.
Seek a competent, creative and reputable accountant who will help you take all the
deductions you are allowed. |
*** Your personal product order, if required to receive commissions.
Autoship ***
|
Registration Fees
Start up Costs |
Training materials, audiotapes, CD’s, videos,
and brochures. |
| Website Costs |
Hosting fees, domain name registration, forwarding
costs, monthly Internet Service Provider costs. |
| Communication Tools |
Cellular phone, voice mail, pagers, answering
services, monthly fees. |
| Miscellaneous Hardware |
Computer, printer, scanner, fax machine,
photocopier, answering machine, telephones, etc. |
| Home-Office Furniture |
Desks, chairs, carpets, drapes, lighting, TV, VCR,
fish tank, etc |
| Products, Samples & Displays |
Start up sampling orders. Products used for
demonstration or promotional activities.
All supplies used for business purposes. |
| Second Phone Line |
Full monthly costs of 2nd phone line, including long
distance business calls. |
| Vehicle Expenses |
Document miles used for business. Gas, tolls,
automobile maintenance, etc. |
Travel and Entertainment |
Planes, taxis, limousines, rental cars, bus fares,
meals and lodging, tour guide fees and special arrangements.
(A 50% limit may apply to entertainment items) |
| Educational Supplies |
Books, magazine subscriptions, tapes, any materials
used for self improvement pertaining to the business. (Business, computer, health,
subscriptions or classes.) |
Client Entertainment |
A 50% limitation exists on business entertainment
and meals, here are some exceptions: extra activities such as catering & special
refreshments for birthday and anniversary parties, sporting events, plays, movies etc. on
behalf of business prospects. |
Conventions & Seminars |
Costs of attending or participation in meetings or
seminars. |
| Depreciation |
Portion of home (if you have home-office) business
furniture, autos, equipment and improvements |
| Utilities |
Business portions of gas, electricity, heating
oil, water & sanitation of home office. |
| Advertising |
Business cards, flyers, postcards, newspaper,
magazine & radio ads, prospecting costs. |
| Postage & Freight |
Stamps for all business correspondence, a Christmas
card to associates or prospects. Handling charges of products sent or received. |
Nations Business, August 1990 -
A Major Tax Shelter that’s Often Overlooked (Side-Businesses)
If you don’t already have your own little side
business percolating away you may want to consider it.
Besides making extra money and having some fun you may qualify for a whole list of
valuable tax deductions.
Even if you incur losses, you can reduce the taxable income on your personal return –
dollar for dollar.
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