The tax code is written to favor businesses. Now, this is true especially for corporations but even sole proprietorships – which most home-based businesses are – benefit greatly from deductions provided in the tax code.
So the question is: How much money are you LOSING every month by not having a home business?
I’m not a tax professional so you should always consult one or your jurisdiction’s tax authority before claiming any deduction. That’s just sound advice. With that being said…
There are literally thousands of dollars in deductions available. Imagine being able to take deductions for travel to other cities (or countries), for the clothes you buy, for some of the monthly bills you pay every month like your cell phone and home phone bills. Imagine being able to deduct part of your mortgage or rent each month or deduct your car payment as a business expense!
All of these are possible in the USA. Let’s look at a hypothetical example. I’ll list some potential annual expenses for a hypothetical home business:
- Travel for business: $600
- Car lease: $3,600
- Dry cleaning (business clothes): $240
- Home office deduction (based on mortgage & size of office): $1200
- Cell phone: $960
- Home phone (for business calls): $360
- Total: $6,960
Assuming someone is in the 25% tax bracket, the above example of $6,960 in deductions equates to about $1,740 back in your pocket! I don’t know about you but I can think of better ways to use that $1,740 than giving it to the federal government!
If you’re ready to consider owning a business, I’d love to talk to you about a very low-cost way to enter that space. You can own a business with practically zero overhead, no equipment costs, no inventory to buy or manage, and limitless income potential.
For more information contact me or visit http://themovementus.com
Adapted from an article originally published on JoinMeForSuccess.com