| One of the best tips to get the best tax refund is to | | | | There are two methods of tax deductions for |
| have a home based business. My husband and I have | | | | automobile usage. One is called actual expenses. If you |
| owned a couple of home based businesses. There is | | | | use the automobile for both personal and business use, |
| more to having a home based business than just | | | | then keep track of business miles and then figure out |
| selling your service or product. Setting up the | | | | the percentage of business miles to total miles. This is |
| bookkeeping is important. Knowing how to use some | | | | the percentage of deduction you can take for all the |
| of the tax deductions available is also important. This | | | | automobile expenses. This could be for car payments, |
| knowledge can help lower the amount of taxes that | | | | car insurance paid, registration paid, repairs, new tires, |
| you might have to pay. You could take a course or | | | | etc. The second method is simpler, which is the |
| class on business tax deductions to gain more | | | | business miles multiplied by the IRS established cents |
| information on this subject. Then just tailor the | | | | per mile. |
| information to your type of business. You could also | | | | Hiring Spouse or Child: If you set up your home based |
| pick up a copy of the IRS publication for business | | | | business as a sole proprietor, then you can hire your |
| deductions. I am going to give you several great tax | | | | spouse or child as an employee. The wages and |
| deduction tips to get the best tax refund. | | | | payroll taxes are tax deductible. If you hire your |
| Business Space Usage: Figure out what percentage of | | | | spouse as your employee, you can also pay for their |
| your home or apartment square footage is used only | | | | medical insurance. Your spouse can elect to have their |
| for business. This is the percentage that you can | | | | spouse (you) covered by their medical insurance, also. |
| deduct for the rent or mortgage payments made. This | | | | The premiums paid for the employee are business tax |
| same percentage is used to claim a portion of utilities | | | | deductions. |
| paid. Also, the same percentage can be used to | | | | You'll need to keep receipts and keep mileage logs for |
| deduct a portion of any repair or maintenance | | | | these different deductions, but it is worth it. These are |
| expense done on the outside or inside of the home. | | | | just a few really great tips to get the best tax refund. |
| Automobile: Another one of the tips to get the best | | | | To find out more information on this subject please |
| tax refund is your automobile usage for business. | | | | click on the link below. |