The year is drawing to a close, and that means it’s time to start thinking about taxes. Actually, it’s best to think about them year-round, keeping your files organized. At any rate, start the receipt-hunting now so that you aren’t rushed later on. And remember that there are many tax deductions that you can take when you have a home business.
And the cool thing is that since the home business is becoming more and more common, some of what would have been a red flag before no longer is. Here are some of the items that My Two Dollars points out can be deducted from your taxes:
* Health insurance
* Fees and costs associated with your home business Web site and blog
* Bank charges
* Tuition fees
* Business gifts
* Research materials and publications used for your home business
* Advertising costs
* Computer and accessories
* Internet access
* Cost of cell phone use
* Business cards and other promotional materials
* Percentage of mortgage/rent and utility bills
* Postage costs and mailbox fees
* Business travel costs
* Office supplies
* Donations made by the home business
And, you can also deduct PayPal fees from your income, lowering that a bit. I do this every year, since most of my clients pay via PayPal.
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