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10 Tax Deductions for a Home-Based Business

If you run a home based business that earns at least $600 a year, you know that when tax time comes around each year, you could be losing your shirt! After all, you’ve most likely gone the entire year without paying a dime in taxes, and now that Uncle Sam knows how much you earned, you could very well be paying in large amounts of money to both the Federal Government as well as the State…. that is, unless you discover all of your potential deductions.

Let’s take a look at 10 common deductions that could keep some more green in your pocket each year:

1) Your Home Office – If you have a designated work area that has a window, you are allowed to deduct that expense on your taxes.

2) Office Supplies – With nearly every home-based business there is a need for pens, pencils, paper, staplers, etc.

Continue reading 10 Tax Deductions for a Home-Based Business