Learn 10 ingenious ways to write off your home based business!

A home based business is a great way to get instant tax deductions without spending an extra dime! Many of my clients we're shocked and very pleased because of the additional thousands of dollars they received in refunds the first year they added a home based business to their tax return.

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This is because without spending any additional funds, a home based business makes you eligible to deduct thousands of dollars in tax deductions that you couldn't deduct before. It's like Uncle Sam saying because your are running a home based business, you are able to turn personal expenses into tax deductible business expenses!

I have seen home based businesses turn clients who owe taxes into happy clients who get refunds.

Let's face it, you are going to pay all the expenses for home regardless of whether or not you have a home based business. So why not turn those same expenses you are going to pay anyway into money you can write off on your taxes! This lowers the amount you owe Uncle Sam and may qualify you for a refund!

Being able to deduct thousands of dollars you are spending every year when you have a home based business is a wonderful thing! What you are doing is called paying yourself instead of paying Uncle Sam. You are keeping the money in your pocket instead of paying it out to the government in taxes.

Here's how it works. You are able to write off all the expenses for the portion of your home you use for business! Yes, that's what I saidyou write off all the expenses for your home office areas!

I said all areas, not just where your desk is. That means if you have an area where you store products or supplies for your business, you can write it off! If you have an additional area where you do the actual "work" of the business, you write that off too!

One of my clients has a woodworking business. He builds bookcases in his basement and stores his supplies there also. He also has an extra bedroom upstairs that he uses as an office space where he uses his computer to invoice his customers and take care of other administrative duties.

So every year we are able to deduct all the expenses associated with both the basement and the bedroom. We had to first figure out what percentage of the house the basement and the bedroom were. After adding the square footage of both, we found his office space was 39% of his home.

This was absolutely fabulous news! So now, every year, we write off 39% of his home expenses.

We write off 39% of each of these itemsmortgage,real estate taxes,home owners insurance,home owners association fees, pest control, electricity, gas, water, sanitation costs and depreciation of his home.

In addition, we also write off 39% of any of the costs for repair and maintenance of his home. For instance, one year he had to have the roof replaced. Another year he replaced the furnace and the air conditioner. Since those repairs all covered the whole house, he was able to write of 39% of each of these repairs.

 

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Contributing Sources

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Posted in Business Post Date 12/18/2018


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