| The tax deductions you are legally entitled to can | | | | - Entertainment with Potential Customers or Partners |
| exceed the cost of some home businesses. This is | | | | After watching the video on home business |
| especially true with Network Marketing. This is also | | | | deductions one may wonder if it make sense to start |
| generally true for affiliate marketing and blogging for | | | | an entrepreneurial venture on the side. Some say yes |
| money. However, most people will choose a team | | | | but look at the reasoning and you decide. |
| concept because of the simplicity of getting started, | | | | If you are starting a new venture only to save money |
| training, and low start-up costs. | | | | on taxes be careful. If you are audited by the IRS you |
| Before reading further understand that I am not a tax | | | | will need to provide details of: |
| attorney so consult yours if you want the details on | | | | - Time spent promoting the business |
| tax savings and new tax codes. Keep in mind that the | | | | - Money spent promoting the business |
| IRS says you must be in business attempting to make | | | | - Receipts of purchases |
| a profit so I am not advocating starting a home | | | | - Proof that your purchases were in an effort to grow |
| business only for the small business deductions. | | | | your business |
| Here are just a few things you may be able to write | | | | If you are attempting to make a profit much of the |
| off when you have a work-from-home-business: | | | | above will come natural. Just keep documented |
| - Percentage of mortgage | | | | records. Document the above information on a |
| - Percentage of rent | | | | spreadsheet and show it to your tax professional to |
| - Gas | | | | determine you are doing everything properly. You may |
| - Mileage | | | | even approach a professional ahead of time to ask |
| - Cell Phone | | | | how you should keep your records. |
| - Food | | | | Let a professional do your taxes and they may save |
| - Travel | | | | you more money than it costs to pay for their |
| - Computer and Supplies | | | | services and the business. |