Home Business Tax Deductions-Save Money

Home business tax deductions are similar if not the same as any small business. If you are a W-2 employee after watching the video below you may feel like you are burning money.

I am not a tax attorney so consult yours if you want the details on tax savings and new tax codes. Keep in mind that the IRS says you must be in business attempting to make a profit so I am not advocating starting a home business only for the small business deductions.

Here are just a few things you may be able to write off when you have some sort of home business including Network Marketing:

  • Percentage of mortgage
  • Percentage of rent
  • Gas
  • Mileage
  • Cell Phone
  • Food
  • Travel
  • Computer and Supplies
  • Entertainment with Potential Customers or Partners
  • And more

For those individuals that do their own taxes…don’t.  Let a professional do them once you have a small business.  Your accountant or attorney will probably save you more money(legally) than it costs to pay them.

Watch this short video to see how a part-time at-home-entrepreneur saves more money without even making a profit than it costs to have a business, and finish better off than an employee.

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{ 1 comment… read it below or add one }

Oliver Tausend May 20, 2010 at 12:32 am

Hi Kenny,
great information. Even if I’m located in Germany, the items mentioned by you are deductible either. I embrace your advice to put the tax stuff into the hands of a professional advisor. Rather do some additional blog syndications instead 😉
Take care
Oliver

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