| These days, a lot of individuals have turned into running | | | | One of the more popular tax saving tips that home |
| their own home business. We have seen such a large | | | | businesses take advantage of is the tax write-off |
| spike in people running their own home-based business | | | | from travel expenses. Home-based businesses tax |
| mainly because a lot of people don't want to have the | | | | deductions from your daily commute can be deducted |
| same old 9 to 5 jobs anymore, others are looking for | | | | because these are deemed necessary to operate the |
| multiple-streams of income and for still others, and the | | | | business. You may also need to meet you're clients, |
| reason is unemployment or lack of job security. | | | | deliver product or make necessary trips to purchase |
| Whatever the reason is, for starting a home-based | | | | things. Be careful though, because this tax saving tip |
| business, it will almost always give you large, and | | | | tends to be abused a lot. Make sure that all of your |
| maybe unexpected, tax advantages. | | | | trips are legitimate and appropriate and that you |
| Home-based businesses serve a lot of other | | | | maintain a vehicle-use log.. |
| advantages as well. For one, it enables them to start | | | | Hire Your Family Members |
| small instead of starting with so many strings attached. | | | | As a home business owner, you can hire your children |
| Starting small is very beneficial because it lets you | | | | instead of paying them an allowance. Wages paid to a |
| operate at a cheaper level and lets you work at you | | | | child at least 7 y.o. and under 18 for part-time work are |
| own pace. On top of that, to start home businesses | | | | tax deductible to your business, and the money earned |
| only a small amount of start-up capital, partially | | | | by the minor is tax-free to the child -- up to $5,700 per |
| because most of the equipment that they need is | | | | child, per year. |
| already present. And do not overlook the tax | | | | Telephone Bills |
| deductions that you can receive from running the | | | | You can also deduct your telephone bills from your |
| business from home, because it often is large enough | | | | taxes. However, the IRS will deem the first phone line |
| to actually cover the costs of running the business | | | | as a personal line. Any extra phone lines like a fax line |
| itself. | | | | or, sometimes your cell phone can be deducted. |
| Vehicle Deductions | | | | |