There are so many people out there today that I know who pay a third of their paycheck out in taxes every year. Essentially, they work for free for the first quarter of the year.
People my age, 37, have often times decided not to have children, for various reasons, and therefore are struggling to look for deductions on their income tax. It’s funny, although they don’t have to use any government programs or have any children in school, they end up being the ones who pay the most taxes.
I’m here to tell you that if you have a home based business you can basically write off anything but the kitchen sink, and sometimes you can even write off that. Simply keep good records, mileage logs, and expenses, and you will find that you will be pleasantly surprised.
Some helpful tips:
1) Set up one room in your house for an office.
2) Keep all of your utility bill records.
3) Keep all of your gas receipts (It’s the only way to get your money back for all of the big oil companies who are taking our money)
4) Find a business you are passionate about
5) Find an experienced mentor/leader
Follow these few tips, and I know you will be very happy about the direct deposit that goes into your bank account at tax time next year.
Is it a little bit of work and planning, sure it is, but we all know that money doesn’t grow on trees. You have to work hard and smart to make money whether it be in your career, your home based business, or just being smart about your taxes and what you are entitled to.