Tax Advantages To A Home Business

Home Business Tax Advantages


There are all sorts of different reasons that someone would want to own their own business. For most it’s to increase their income, some it’s for the great products or services and for others, it’s for a different reason. There are some sub-contractor jobs such as real estate, insurance or any job that requires you to claim your own taxes that bring about a nice little bill around April 15th. For most, this is a shock. Question is, what options do we have to defer some of this?

Home business tax advantages can help defer quite a bit of this OR if you have a typical job, this could be a huge advantage for you. Please note: I am not an accountant or pretend to be. This information is from the Home Business Tax Savings Inc, Ron Mueller 2009. According to this book, you need to have an intent to make a profit.

Home business owners get to write off lots and lots of expenses, from rent to furniture to mortgage to phone bills, etc… We as business owners have a three step tax system.

Step 1: Earn revenue from selling good or services.

Step 2: Spend what’s necessary to keep your business going, on whatever’s necessary for operating expenses.

Step 3: Then you pay the taxes on what is left. This step right here is what put my total family’s income a complete tax bracket.  That was huge and it came right at the time that we needed that return.

I took the time to compile a list of Home Business Tax Deductions according to Home Business Tax Savings Inc, Ron Mueller 2009. At the bottom, I address the “Audit” concern.

  • Home Business Tax Deductions
    Mortgage, interest or rent
    Gas, electric, water and sewer
    Computers, copiers, fax machines and phones
    Paper, pens and postage
    Bank fees and business accounts
    Desks, sofas, coffee tables and other furniture
    Credit card annual fees (for business-only cards)
    Painting, wallpaper, carpeting and other repairs/maintenance
    Legal and professional services
    Phone bills and cell phones
    Magazines and books for business education
    Online business education
    Plane fares, hotel costs, meals and rental cars
    Taxes and licenses
    Special work clothing
    Lunches, dinners, ball games and theater tickets
    Security alarms and hidden camera
    Health, life, dental, vision, disability and unemployment insurance
    Company cars (and even boats)
    Holiday cards, gifts and postage
  • Internet Inclusions
    Internet access fees
    Web hosting fees
    Cable, DSL or Broadband internet services
    Computer extended-warranty costs
    Data backup services
    Ink and toner cartridges for printers
    Software used for business
    Firewall, Spyware and Antivirus services
    Conference call services

As I mentioned above, I am not an accountant. I received all this information from a tax professional.
The concern that most people have is an audit. I get that, it sounds like a scary ordeal. I would highly recommend hiring an accountant. Do your research on them to be sure they are reputable. It’s a good idea to get a referral from an associate in your field.
It may be a few hundred dollars for their services…Isn’t it worth it to have peace of mind and to possibly receive hundreds in return per month? Especially when you realize what you will be saving.
If you are in the market for a Home Business and would like to Travel The World and Create an Income at the same time, I Invite YOU to see what I’m up to…

Hope you got value, feel free to leave me a comment and your thoughts below.

“The Authentic Marketer”
Steve Krivda

Steve Krivda








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12 thoughts on “Tax Advantages To A Home Business

    1. Steve Krivda Post author

      You’re welcome J.L.

    1. Steve Krivda Post author

      You’re welcome Chanell

    1. Steve Krivda Post author

      Heck yea, in the beginning it was the biggest income boost

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