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Owning home made easy with home Loans By Aditya Jaiswal A lot more people are trusting home loans in India to purchase property. This seems to be the affordable and simplest way of realizing your dream of buying your own home. The home loan or mortgage Read more...
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Comparing At Home Teeth Whitening Products And Professional Teeth Whitening From The Dental Professional By Abigail Franks There is some confusion regarding the use of home teeth whitening kits or solutions and the quality of work done by your dentist or dental office. When it comes to teeth whitening, there are several Read more...
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Work from home careers: An Overview By Shannon Kietzman The number of work from home careers available today is outstanding. If you are looking to add a little residual income to your pocketbook or dream of being your own boss, work from home careers may Read more...
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Your Home Business and Your Taxes By Adam Heist With the internet in its phase two of a bubble, the growth in businesses has been large as well. Your business is convenient to you, only involving going places through the internet, and it also helps to lower your taxes. You have to keep track of your expenses, and try to separate your business expenses from your personal expenses. If you can keep track of simple things, the tax deduction benefits can be enormous. Talk to your tax advisor about the possibility of tax deductions from your business. Possible deductions include educational expenses on courses you need to run your business. Also, if you are joining a business or franchise you may have to pay fees or join various buying “clubs” and these can be claimed as a deduction.
Of course a telephone line for business use is necessary. If it is a separate line for only business this is obviously a tax write off. Having a room in your that functions as the office means that part of your mortgage
or rent can be written off as well. There may be limits to how much of your expenses to write off, so working with a tax advisor or an accountant who is familiar with these things is always a good idea. Other devices you may need include a new computer for your business, a fax machine, a printer, a copier. For certain phases of your business in the real, non-virtual sector, you will also have to use your car or possible a truck. Advertising can be claimed on your taxes. Advertising is a business expense and in most cases can be written off. If you suffer bounced checks from customers and can not collect on them, those amounts may be deducted, along with any fees you were charged. There are also state and federal tax deductions, which are “above the line” for alternative fuel vehicles, including hybrid vehicles, which use electric motors as part of their energy mix.
The biggest and best tax deduction is to form your own business. All you have to do is prove that you have a profit motive. You don’t have to actually make any money doing your job, at least not immediately. You may decide to go into business as a sole proprietorship, or it could be advantageous to form an LLC, or S-Corporation, as a pass through entity on your taxes that still protects your personal assets from seizure. Adam Heist is a freelance writer with many years of experience writing articles on
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