Tax Breaks You Should Expect When Starting A Work At Home Business
Posted November 20, 2010on:
Starting a small business can be hard enough, but getting hit with a hefty bill from the IRS at the end of the year can make a difficult situation nearly impossible. There are plenty of different strategies for minimizing your tax liability, but the most effective one is itemized deductions, and know what you can deduct is the first step to getting prepared for tax season. Here’s a list of just a handful of the eligible deductions for your small business, so be sure to investigate and leave no stone unturned before you submit your tax documents at year’s end.
If your company sells goods, you can deduct the cost of any goods that were not payed for by a client. This doesn’t make up for losing the product, but it can soften the blow
Company cars are deductible, but you can also deduct mileage, service, fuel and nearly any expense related to purchasing and operating the vehicle.
When you first start your business, you’ll face plenty of fees along the path to incorporation; good news is these are all deductible.
Legal and Professional Fees
Whether it’s a lawyer, tax professional, or the janitorial service for your offices, nearly all professional fees your business pays will be deductible.
Read this full article at http://www.homebusinessbug.com/tax-breaks-when-starting-a-work-at-home-business-10161/