When tax time rolls around, everyone is looking to save some money and this goes for home based business owners as well. The good news is that there are many write offs for the home based business owner, some you may think of right away and some you may not ever think about.
Here are some write offs that almost every home based business owner can enjoy:
• Home Office: If you have an office set up in your home for your home based business then you can write off a certain portion of your rent or mortgage. There are certain rules that apply for this write off so be sure you consult with your accountant before you use it.
• Cell Phone: If you use your cell phone to conduct a large number of business calls, then you can deduct a portion of your monthly cell phone bill. Again, there are rules that apply so you will want to check with your accountant.
• Mileage: Your home based business may require you to travel to certain client’s businesses or homes in some instances. If this is the case, you should keep a mile log as these miles are tax deductible.
• Internet: Does your home based business require you to be online all day long? If so, you can use that as another write off as long as your accountant says you qualify to do so.
As you can see, there are many tax write offs that a home based business owner can take advantage of, and these are only scratching the surface. Just be sure that you do in fact hire an accountant to be certain that you are eligible for any write off you want to take. While it will cost you a bit of money to hire an accountant, they can be worth their weight in gold as they will likely be able to key you in on even more tax write offs for your home based business.