Are you operating a Home-Based Business? Ask your tax accountant about your eligibility for some of these tax deductions:
· Health Insurance Premiums – Health insurance is costly for most small business owners. Fortunately, the IRS will let you write off all medical or dental expenses that are more than 10% of your adjusted gross income (AGI) per year.
· Banking Fees – You can’t write off your fees on your personal taxes but business owners can write off banking fees on their business returns. They can include ATM charges to fees associated with opening various business accounts.
· Office Supplies – These fees can add up quickly. Everything from staples and paper clips to toner and ink cartridges. You can also write off intangibles like fees associated with maintaining your business website.
· Utilities – Internet, heat, water and electricity qualify as home business expenses that can be partially deducted because of your home office. If you use your mobile phone or land line for both personal and business purposes, the portion of the costs associated with business calls can also be deducted.
· Advertising Costs – Think outside of the box. They can include everything from printing business cards, hosting your website to TV, newspaper and radio ads. You can also deduct promotional costs, such as sponsorship of an industry conference or a community event.
Stay organized, keep your receipts and keep an accurate accounting of your business expenses.