I have had a home based business for the past ten years. I am sharing some tips that I have used and continue to use in my current home based business. For more details on what I do, go to http://ipasdiscount.com/?id=41379&tid=

1. Home based business tax deductions
http://goldandsilverpassiveincome.com/home- based- business- tax- deductions/ April 8, 2013
T om
The date for filing taxes is coming up
soon. Many people have already filed
and ended up paying more in taxes this
year than last year. For the next couple
of years, this will become the norm with
new taxes coming in as the government
pays off the national debt.
A few years ago I bought a tax course
and learned so much in the course. This
helped prepare me when I filed for taxes
and continues today.
I have had a home based business for
the past ten years. I am sharing some
tips that I have used and continue to
use in my current home based business.
Working a regular job provides very little relief from taxes. As an employee, there are few expenses
that you can use to write off on your taxes unless the items are unique and required solely for
your job.
A small business owner who works from home has many advantages they can take as compared
to someone who works in an office, restaurant, construction, or other business type environment.
The following information is correct to the best of my knowledge but it is good to run this
information through your accountant since I am not a certified tax accountant or taken any formal
classes dealing with taxes.
Benef its of a home based business
The first advantage of working from home is that a person can write off their home office on their
tax returns. The IRS published their guidance on using a home office when filing for taxes. The
information can be found here.
Weather you pay someone rent or pay your mortgage, you are losing hundreds to thousands of
dollars a year by not having a home based business.
Use of a comput er
Most home based businesses require a computer to handle most ordinary tasks such as
communication with customers or employees, ordering supplies, business promotions, as well as
others. A computer purchased for a business can be written off as part of a home based business.
This also includes the printer, ink, paper, filing cabinet, and other typical office supplies.
Use of a car
The owner who uses their car for business can take mileage deductions. According to the IRS,

2. there are standard mileage rates that can be deducted for business purposes. The IRS lists the
current 2013 rates here.
Even standard repairs can also be deducted for use of the car in a home based business.
Travel expenses
To show support for members, some businesses have meetings or get together in locations that
are also accessible by plane. The costs of the airfare as well as hotel are tax deductible expenses.
During the trip some of the expenses for meals are also tax deductible.
Personal development
In the home based business I am a part of, I have found a wealth of personal development through
my main business. When I joined this company, I was reintroduced to Robert Kiyosaki who I am a
fan of. I received a copy of In addition, I was introduced to two other respected individuals, Jim
Rohn and Darren Hardy. I never heard of either of these two gentlemen, but they are now a part of
my personal development and continue to influence me daily.
Personal development material is another area that can be written as a tax deduction since this

3. area applies to improving yourself in your business.
Tax deductions in this area include books, CDs, MP3s, professional magazines, and attendance at
seminars.
Ret irement account
One last area I will cover is retirement accounts. In a self-employed IRA, the amount that can be
added into this account is $12,000 in 2013, a much larger amount than in a traditional IRA which is
$5,000. So the benefits of working from home allows for more money to be placed in an IRA.
The next step
So can you gain the same benefits from your day job? If so that’s great! If not, it may be time to
consider picking up a part time job to take advantage of the tax deductions that are available.
Once again, run your numbers by your accountant to make sure you don’t get audited.
The business I am currently involved in is running a special that ends April 28, 2013. Click here for
more information.
Take care,Tom
Image courtesy of free digital photos