The Tax Benefits of Owning Your Own Home-Based Business...

If you have been considering starting your own home-based business or any network marketing/mlm type endeavor, don't wait until after the first of the year. With the holidays in full swing, and the overwhelming busy schedules that most of us keep at this time of year, we tend to not want to add anything into the mix until after it is all over. However, getting started in a home-based business before the end of 2007 has it's own many benefits.

I'm not a CPA or even a tax advisor, so we won't get too detailed here. But essentially the tax benefits that a self-empoyed business owner receives over that of an employee, is huge. As a home business owner you can write off a portion of your mortgage/rent, your lights, gas, phone, internet, computer and more. Not only that, but any out of pocket expense to "do" your business is also tax deductible, including the start up costs or fees involved.

If you were to start your business in 2007, sometime between now and December 31st, you could then get your start-up fee returned to you when filing taxes here within the next few months. If you wait until after the first of the year, then you have to wait until you file next years taxes for 2008, before you can recoup those costs.

So don't wait to get started. Even if you don't actually get started working on your business until after the first of the year. You'll just be one step ahead of the program, and you will essentially be able to start for free.

Here is an article that explains what I'm talking about here...The Tax Reduction Institute.

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3 comments:

anneberly said...

wow I've trying to search for an answer about tax informations in making money online. Didn't know I can get it here. I hope you dont mind me asking, where you from? I am trying to look on you "about me"- but it's not there. I am in Toronto Canada. I guess it's almost the same in filing Tax in USA.

Also thank you so much for the tips you gave me on my blog. I had some trouble with my sidebar yesterday. That's why it wasn't there when you visited my blog. But I guess it's up and running now. See you around.. great informations you have there. You opened up my mind, I wont pay anyone.. I will link your site to mine I hope you dont mind. thanks

anne said...

Hi Crystal, dropping by, Hapi New Year

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