Owning your own home-based business, even if you run it part time, can be the single best financial decision you can make.
How much did you pay in taxes this year? A deduction helps save you money on taxes at the end of the year. Think about these tax saving benefits:
- Free Gas in your Car – using your car for business will save you big on gas.
- Meals that Make You Money – grow your business over a delicious meal with clients/prospects.
- Entertainment Deductions – have fun gaining clients and write it off.
- Home Office Tax Deduction Goldmine – can bring you deductions regardless if you rent or own.
- Super Saver Samples – still the best marketing tactic is to have samples available.
- Hire Your Kids for Huge Savings – hire your kids, teach them about money and save big when they buy their own expensive items (that you know you’re going to buy them anyway)
- Travel Tax Deductions – you could deduct trips anywhere in the world.
- Tools of the Trade – books, computers and all the things you need to run a successful business.
So why does the government give you these tax breaks for running your own homebased business? Simple, America is the land of opportunity and small business is responsible for 70% of the growth of our economy. It also drives innovation.
Give your accountant well organized information so that they can analyze the data quickly and then spend their time looking at ways to lower your taxes.
Educate yourself. Tax reduction is a team sport. In many ways you should be driving the discussion with your tax professional and they will help guide you to strategies.
After all you are the one that knows what is going on in your business.
I love supporting small business so tell me – What’s your side hustle?