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Tax Advantages For Business
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Many people go into business to make money, to be a boss, to have more control over their life, or to simply feel like they are not part of the elite. Plenty of times people start home based businesses and are sucked in by a friend or family member who tells them to attend some event with a hotshot salesman telling the crowd how easy it will be to make money.

I’m not knocking these guys; but some of them (and they know who they are) know they are just selling people a dream with no real substance behind it. One thing many home and small businesses rarely tell new entrepreneurs about is the tax advantages for business owners.

You get to write off a lot of business items for you to conduct business. For instance, I do not have a business office in the traditional sense; I do not operate out of a storefront; I operate out of my home office. That’s right, it is in my home; I wake up and do a quick workout and stretch, brush and shower, drink water and break fast and walk right into my home office. Besides this being a dream lifestyle for me; it is very, very convenient for me and my family. But that is not the best part…

Every thing in my home office that I purchase in order to fulfill business can be written off as a cost of doing business. This is very powerful and let me explain why. The room was empty to begin with; and since I do a lot of work on the computer, I needed to go to the store and buy a desktop and a laptop. I also needed a telephone business line, and service. Without a business, you are just buying all this stuff and that is fine; but with a business you get to write off all or some of it. A write off means you get to subtract it from the amount you owed in taxes; thus allowing you to keep more money.

Different businesses can write off different things; for instance if you own an internet based business, you probably wouldn’t be able to write off a boat. The bottom-line and the beauty of it all is that you are allowed to write off your expenses as a cost to doing business, which our country (USA) allows businesses to do as a benefit for taking the risk and being in business.

Business tax savings perks is just the front door; what many people are in the dark about is what I’m about to share as business saving perk number two. When you work a normal job, before you can go home and tell your spouse how good you did that week, your least favorite uncle (Uncle Sam) has already take 40 to 50% of the money you have worked so hard for. Sometimes this good ole, no-good uncle of ours takes more than he was suppose to and he holds it and won’t give it back until the new tax year. He takes your money and holds it without giving you any interest at all. This means, he can take your money, let his buddy borrow it, make some nice investment moves, get a 100% or more return on your dough (money); and you do not get a crumb of the returns.

The difference with a business is that you make your money first, all of it; and then you pay the greedy uncle after all of your deductions; usually 30% and downward. I am not a tax guy and really am not qualified to give any advice; this article is based on what I studied on my own as I have a professional tax accountant handle all of my tax needs; and I recommend this to you; but you can clearly see the benefits of owning a business, even if it is one of those silly multi-level marketing things, they give you tax advantages too. My recommendation, start a business learn how to make it profitable and enjoy your new found tax advantages.

Koko Ishe


Street Talk

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