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Christian InTech Articles - Home Business
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5 Steps to Creating a 6-Figure Income From Home
Creating a steady income from home can be a daunting process. Being successful from home can often take more work than your regular 9 to 5. But, if you learn to break things down and follow a simple forumla, your home business can give you all the...
How to Start a Home Wood Working Business
Starting a Home Wood Working Business is just the thing
for those who love working with wood as a hobby. The quality and
design of hand crafted wood is prized the world over. Furniture,
toys, boxes and the like are used everyday. There is a...
Make Money Working At Home
Like most people, you have probably wondered of you can make money working from your home. Whether you just want to make extra cash each month or want to start a full time home-based business, you can earn steady income by selling products or...
Part 4 of 5 On The Home Business Set-Up Guide
Part 4 of 5 On The Home Business Set-Up Guide
Dear Reader,
These articles will provide a step by step guide on how to start and run a home based business based on my experiences and other home business owners. This is part 4 in a series...
Wanna Work From Home? Join the PIPS Revolution!
All Crap: Stuffing Envelopes, Survey Taking--Join the PIPS Revolution So you want to make some money by doing nothing more than sitting back in your computer chair? Don't we all. The thing is, though, that it's possible--all you have to do is...
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Home-Based Business Owners Save Thousands on Their Income Tax!
Do You Qualify For Home-Based Tax Deductions?
New changes in the tax laws have made it easier than ever to
claim Home Office Deductions and keep more of what you earn.
If your home is a place of business, many of your personal
expenses can be deducted as business expenses resulting in
lower taxes.
You may be thinking, "I have an Accountant/CPA/Tax
Preparer/Tax Software who knows all about tax deductions so
I don't have to know anything about them."
There are several reasons why that thinking could be costing
you thousands of tax dollars. Some of those reasons are:
·Most Accountants/CPA's/Tax Preparers do not "specialize"
in Home-Based Businesses and do not keep up with the
ever-changing laws pertaining to them.
·You are ultimately responsible for knowing what you can
and cannot deduct as business expenses. Why? YOU are
accountable to the IRS for your deductions, not the tax
preparer.
··If you pay someone to do your taxes you still need to
know what you can deduct so that you can gather all
relevant paperwork.
··The most compelling reason: Getting the greatest benefit
from your deductions.
To qualify for these deductions you must meet 2 conditions,
which most, if not all, Internet Marketers meet.
Condition 1: Do you work as an Internet marketer out of your
home (on your "home computer)?
To qualify for deducting expenses related to using a
workspace for business in your home, your home must be
Your "principal place of business " or you must use the
space only to earn your business income.
·Use it on a regular and ongoing basis to meet your
clients, customers, or patients.
AND
Condition 2: Are you in business to make a profit?
Whether you made a profit or not is immaterial. Even if you
lost money but intended to make a profit these deductions
are still available to you.
If you answered yes to both of these questions then you do
own a Home-Based Business and as such you are qualified to
deduct Business
Assets, Direct and Indirect Expenses.
Business Assets include business equipment such as computer,
fax machines, business furniture such as desk (your dining
room table for instance), desk chair and filing cabinets.
These are 100% deductible if they are used "exclusively" for
business purposes.
If these assets are not used "exclusively' for business the
amount you can deduct is proportionally related to how much
these things are used in your business. It is possible to
deduct a portion of your living room, sofa, DVD player etc
if you meet certain conditions.
Direct Expenses are those directly related to conducting
your business. This would include office supplies, telephone
service,, cellular phones, ISP service, hosting, advertising
etc. Direct expenses are generally 100% deductible.
Indirect Expenses include such things as rent on your home,
utilities including heating and air conditioning and general
repairs such as replacing a roof or repainting the exterior
of your home.
These are authorized legal deductions passed into law
specifically for Home-Based Businesses by congress.
If you use your home for business purposes, many of your
personal expenses can legally be converted into deductible
business expenses including utilities such as heat and
electricity, cleaning materials, house insurance and
property taxes.
Learn all you can about what you can deduct and you will
consistently save thousands on your income tax each year.
"I'm proud to pay taxes in the United States; the only thing
is, I could be just as proud for half the money." -Arthur
Godfrey
About the Author
©2004 By Karin Workman, A 30-year veteran Home-Based
Business Owner who specializes in Tax Preparation for
Home-Based Businesses. Karin also wrote the Hot New Ecourse:
"Reap the Rewards!" Designed to help you save tax dollars
and put more money into YOUR pocket. The course is Free so
do yourself a favor and subscribe today.
http://reaptherewards.businessoppsunlimited.com
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