This Article is About
owning your own business
mortgage insurance
tax time
light at the end of the tunnel
tax deductions
grabs
Small Business Deductions
Join 1000's of Authors at StreetArticles Today!

Being an owner of a small business has great benefits: You're your own boss, you get all the profits from your business, and you can hire people to do the dirty work for you. However, tax time can be extra strenuous, and not to mention expensive. Since you are your own boss, you have to answer for all your taxes, and it can get very overwhelming very fast. There is a light at the end of the tunnel though to help you at tax time: deductions. Part of owning your own business and being successful is to take every legal deduction you can to maximize profits. Some of the most commonly overlooked tax deductibles may not seem like the most obvious, but knowing about them will give you an edge in making a few extra bucks for you and your business.

Using a home office as your base of operations can have one surprising benefit: it can be deducted! It doesn't even have to be a full room, as your home office can be a corner or part of a room as well. You must measure your work area and divide by the square footage of your home to find the exact fraction you need to calculate your work-related deduction. This can apply to rent, mortgage, insurance, electricity, and whatever else goes into making your business work.

Your home office does not limit your deductions there. You can also write off your office supplies. You need only prove your purchases with a receipt(s) to deduct them from your taxes. This can include, paper and ink for your printer, pens, staples, paper clips, and many other things. Anything you need to purchase to run your business could potentially be a write-off as long as you are prepared to prove its worth.

Finally, equipment and office software are also up for grabs as tax deductions. Your computers, copiers, scanners and other machines can be 100 percent deducted for your home business. The cost of software and subscriptions to magazines and other periodicals are also fully deductible, saving you for the year they were purchased in. This can save you quite a bit of money and allow your business to grow with your new software and machinery.

Utilizing these deductions can make most of your business expenditures into tax cuts that can save your bottom line. When you're the only one who's watching for your business, you've got to make the most of what you can. Look into these deductions and see what you can qualify for. Happy savings for everyone! Check out Online Tax Pros to get your taxes taken care of by experts who want you to get the best deal you can on your returns.


Street Talk

No comments present
You May Also Like
The Retirement Theory
In this country today the theory of retirement is work thirty years of your life, try to save up enough money to live on for the rest of your life after retirement. This idea is pounded into our heads all of are lives ever since we were ready to get…
By: Lawrence2 in  Internet and Businesses Online  >  Internet Marketing   Feb 15, 2013  
0
  Likes: 0

Employment Idea For Felons
If you ever been in trouble before and have a criminal record, then finding a job much less a good job can be difficult. I have an employment idea for felons that I came up with after receiving a traffic felony seven years ago, for driving to fast. I was…
By: Lawrence2 in  Internet and Businesses Online  >  Internet Marketing   Feb 16, 2013  
3
  Likes: 4

Making A Profitable Business Online - Is it Easy Or Hard?
The truth is, as you may have guessed, that there are some easy aspects to starting a profitable business online, and probably a few more hard ones. The surprising thing is however, that pretty much anyone can start a business on the internet, and it's not that difficult to make…
By: Nathaniell Brenes in  Internet and Businesses Online   Mar 06, 2013  
1
  Likes: 3

Why Have An Internet Business? - 5 Good Reasons
There are many obvious reasons to have an internet business. Like the desire to make money, the freedom of working from home or anywhere else that you want to go. Most internet businesses just require a laptop and the discipline to use it. Or, for many it may help bridge…
By: John Frogge in  Internet and Businesses Online  >  Ecommerce   Dec 15, 2011  
0
  Likes: 2

Harp 2 - Consumers Are Being Turned Down In Droves!
Consumers are going to their local banks, calling Mortgage Brokers and searching the web looking for information on the Obama administration's latest attempt to help struggling homeowners; the HARP refinance program or Home Affordable Refinance Program. Changes to the former HARP program were announced in October and were supposed to…
By: Ed Rakowski in  Finance  >  Loans   Dec 19, 2011  
0
  Likes: 0

Taxing Business Differently
Choice of Entity Every year many new businesses commence operations and their new owners invariably must ask hopefully sooner rather than later, what type of entity should I choose? And in particular, which one provides the most benefit in terms of positioning my company as it relates to my personal…
By: Patrick18 in  Finance  >  Taxes   Jun 06, 2016  
0
  Likes: 0

Importance Of Professional Tax Preparer
The tax preparer is important to get flexibility in the tax calculation, take advice about the tax amount, changing governmental policies and can focus on the other business activities necessary for business expansion. The tax preparer will definitely get the most accurate number of the amount you are liable to…
By: Edward Smith4 in  Finance  >  Taxes   Jun 06, 2016  
0
  Likes: 0

Hosted ERP Solution on Cloud And Desktop Server
ERP is a suite of application software functionalities for managing accounts and finances of an enterprise. ERP is enterprise resource planning software for managing the everyday functionalities of trades. The process of accounting was complex but now it is simpler and easier which is eventually due to ERP solutions in…
By: Jaishking in  Finance  >  Taxes   May 28, 2016  
0
  Likes: 0

Access Drake Software Cloud Hosting on Smartphone
Tax filing was complicated when managed by the accountants and bookkeepers on papers. Since software solutions came into being, the paper based method of tax filing has eliminated and swapped by the automated tax software application. Today the industry has many products for tax filing and hence businesses can choose…
By: Jaishking in  Finance  >  Taxes   May 28, 2016  
0
  Likes: 0

How A Tax Preparer Can Help You Out?
Tax liability is the amount of money a person, organization, entity or company owes to the government. For the government, taxes are an important source of revenue. The government uses the taxes to fund its operations like building the schools, hospitals, road, highways and defending the country. The tax liability…
By: Edward Smith4 in  Finance  >  Taxes   May 28, 2016  
0
  Likes: 0

With Cloud ERP Software Business Management
First we must know about an ERP solution and the purpose of this product. ERP in simple terms is called enterprise resource planning software applications. This software simplifies accounting and commerce for an organization. When a company has ERP solutions, the process of trading and company management is proficiently managed…
By: Jaishking in  Finance  >  Taxes   May 24, 2016  
0
  Likes: 0

Online Customer Data Protected With ACT Cloud Pricing Services
Business organizations can get customer management software ACT to manage their firm. ACT is robust customer management software which brings all client data at one place. The software secures existing prospect client information at one place. ACT is one of the best accounting software for managing client data. Customers are…
By: Jaishking in  Finance  >  Taxes   May 23, 2016  
0
  Likes: 0

How Accountants In Middlesbrough Can Help You?
Different harsh economic conditions can destroy the small businesses completely. People may think that getting the help of accounting services can be expensive in such situations. Well, there is nothing needed more than the accountants Middlesbrough at those times. That’s why, you need to understand the value of accounting Middlesbrough.…
By: aby in  Finance  >  Taxes   May 01, 2016  
0
  Likes: 0

Factors to Consider Before Hiring Professional Accountants In Middlesbrough
The rules related to business change every year and thus the average business entities become irritated and confused. In such a situation, all you need is the help of professional accountants Middlesbrough. The professional accountants are aware of the problems that are the result of the complicated accounting Middlesbrough system.…
By: aby in  Finance  >  Taxes   May 01, 2016  
0
  Likes: 0

Your Identity With the IRS
Most people have heard that you can protect your identity with the IRS. After hearing so many stories recently in the news even as of February 9, 2016 regarding a malware program trying to get E filing numbers, how many people don’t want IRS identity protection? The answer of course…
By: Patrick18 in  Finance  >  Taxes   Apr 28, 2016  
0
  Likes: 0

Article Views: 1352    Report this Article