home_business Directory

home_business Articles

WRITERS WANTED! (click-me)

Feature Article:

Avoid Distractions in Your Home Based Business
Working at home may be your dream, but you still need to avoid distractions in your home based business in order to be successful. Making a living doing what you love is appealing, and working out of your home can be a relief from the daily grind...
...Read More

Grab A Home Business Opportunity
If you are looking for a home business opportunity one of the first choices you have to make is whether your home based business ideas should be organized as: - an online home company, - an offline home company or - a combination. There are...
...Read More


Saving Taxes with Your Home-based Business

collectorsbiz.com       Navigation


Today we will review some ways of saving taxes through your business. The information contained in this report comes from the IRS tax code (you will recognize some of it if you took advantage of your free bonus of the Special Report and audiocassette (http://www.homebizkeys.com/page14.html)). However, we are not accountants or tax attorneys, but business owners dedicated to helping people just like you take advantage of these great deductions!

If you're like most people you are just taking the standard three deductions: 1) Deduction of home mortgage interest 2) Deduction for spouse and 3) Deduction for children. If you fall in this category you are among the most heavily taxed group in America!

Did you know that there are over 150 tax deductions available for small and home-based business owners? Contrary to popular belief our nation's economic growth doesn't come from the Wal-marts and Microsofts, but from small and home-based businesses. Because of this Congress has manadated some very generous tax deductions to help encourage this growth. All that is asked in return for these deductions is proper documentation. You don't even need to be making a profit to claim these! You simply need to be in "pursuit" of profit.

Of the more than 150 availabe deductions, the following six offer you the greatest value for your effort, and can result in $5000 or more in cash savings this year!


All business owners need equipment to run a business. You can write-off up to $24,000 in deductions on purchases of office furniture, office equipment (including computers, printers, telephones, etc.) and automobiles (qualifying vans, pickups and SUV's) in the year of purchase. This applies whether the item was paid for in full or financed. (IRS CODE, SEC. 179, 2001)


Small and home business owners can deduct 100% OF ALL MEDICAL EXPENSES. That includes medical insurance premiums (even if they are for insurance provided by your 9-5 job!), office visits, co-pays, pharmaceuticals, dental and much more! Many business owners write-off more than $2000 a year this way! (IRS CODE, SEC. 105, 2001)


Up to $7,000 ($4,700 in wages + $3,000 IRA) per child, per year can be paid to children over the age of 7 who help out with the family business. This can include cleaning the office, filing, cleaning the company car, and much more! If your child is under 18 there will be no Social Security or income tax due on this money, and it is a full deduction to the business! The $4,700 per year can then be used to purchase school clothes, pay for college, weddings and much more! You will end up spending money on these things anyway for your children, so why not get them tax-free? (IRS CODE SEC 63(c), 162(a)(1), PUB. 15-SEC. 3, 2002)


A home business owner will need an office at home. A home business owner can write off any room or portion of any room that is used for business. The average amount claimed for this deduction is $2400 per year! (IRS CODE, SEC. 280A, 2001)


It's easy to combine business with pleasure on your next trip in order to deduct part of the travel costs. Of course, proper documentation and qualification is needed, but doing so can save you hundreds of dollars! (IRS CODE, SEC. 162(a)(2), Reg. 1.162.2, 2001)


You can deduct 36.5 cents for every business mile you travel and document. If you perform tasks for your home business while going to and from your day job even some of your commuting mileage becomes deductible! (Tres. Reg. 1.162-1(a), 2001)

There you have it! Those 6 deductions are all based on current expenses, so why not take advantage of them?

Home Business Keys has partnered with My Tax Man to offer you a product that will help you take advantage of all of these deductions and more! My Tax Man is in business strictly to help small and home based business owners save on taxes. To learn more about My Tax Man and the Tax Toolbox go to the link at the end of today's course.


1) Visit My Tax Man to see how you can get the maximum tax benefits from your Home Based Business.


To visit My Tax Man to learn about the Tax Toolbox go to:

To order a tax deductible Tax Toolbox go to:

Article content written by Ryan H. Law, co-founder and President of Home Business Keys - offering you the complete online business package.


More Reading:

Home Based Business Story The Importance of Enthusiasm In Success

Starting A Home Based Business Dealing With The Yo Yo Effect

Your Home Business Choose It Carefully And Then Really Work It

Finding Your Niche in a Work at Home Business

5 Tips For Better Management Of Home Business

Women Entrepreneurs Guide To Financing A Home Based Business

Tips For Successful Home Show Businesses

A Secret Home Based Business Long Term Stock Investing


A Home Based Business Intro

home_business Home

home_business Directory

Additional Reading

Home Based Business Story The Importance of Enthusiasm In Success
Falling off his lily pad was nothing new to Yerkle the frog. Sometimes he enjoyed just sinking in the water, until he would thud- hit the bottom. This would usually pull him out of his daze. Today, however as Yerkle hit the water the other frogs...
...Read More

Starting A Home Based Business; Dealing With The Yo-Yo Effect
The emotional aspects of starting a home business can have you experiencing high highs and low lows (the yo-yo effect). In addition to the immediate luxuries of being your own boss, setting your own working hours, and avoiding a stressful...
...Read More

Your Home Business...Choose It Carefully And Then Really Work It!
I've had many active and enthusiastic business team members that were their own worst enemies because they exhibited the classic "flea on a griddle" behavior pattern and jumped around chasing one business opportunity today, and then another one...
...Read More



Internet Search for: tax, business, home_business

[an error occurred while processing this directive]


Copyright    collectorsbiz.com