| If you think that great tax breaks are just for big | | | | The premiums paid for most common insurance types |
| corporations think again. As a home business owner | | | | provide even more deductions, including any medical |
| you have a number of things you can deduct, some | | | | insurance you may have taken out for yourself. |
| that you may not be aware of. | | | | Are you in the unfortunate position of having a client |
| Most home business owners are aware that they can | | | | that owes you money? Then you may be able to |
| deduct their home office itself, provided that it is an | | | | claim the amount that you are owed as a deduction |
| area that is used exclusively for business (it need not | | | | as well, provided it was previously reported as gross |
| be a room.) In addition you may be able to claim a | | | | income. And if you are in your first year of business do |
| portion of any home repairs you make although not at | | | | not forget to deduct all those start up costs, such as |
| Extreme Makeover levels; the IRS allows taxpayers to | | | | any new equipment you purchased and the costs |
| deduct reasonable costs associated with maintaining | | | | associated with incorporation. |
| the home in which your business is based. | | | | This article only scratches the surface of course, a |
| If meetings with clients or customers are a part of | | | | licensed tax specialist can probably find you many |
| your business then expenses related to those | | | | other home business tax deductions not mentioned |
| occasions may be a source of deductions as well. | | | | here as well as help you ensure that the deductions |
| Meals, drinks, even the cost of gas you used (or plane | | | | you claim would stand up in the event of an audit. |
| ticket, rail ticket etc.) can all be written off. | | | | |