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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.

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Self-Employment and Tax Advantages

The following is a post by Derek from Life and My Finances.

When you work for a company, paying taxes is pretty simple isn’t it? You don’t need to keep track of your income or the amount of taxes you’ve paid in. Your company keeps tabs on all of that for you, and then they send you a W-2 after the year is over! Then, the only tax form you need to fill out is the 1040 which is incredibly straightforward and self-explanatory. Yes, working for a company sure is a breeze when tax time comes around.

It May Be Easy, But Is It The Most Beneficial?

Filling out a 1040 is pretty easy (and cheap if you need to get it done), but it it really beneficial? What if you had a home-based business? What is it like keeping track of all of your own tax information? Is it

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