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             31 March, 2023

Category:  Articles » Finances » Taxes


Tax Breaks - Want to Learn How You Can Maximize Yours?

         Views: 2092
2008-05-26 05:13:03     
Article by Jacquelyn Burns

Owning a home-based business and educating ourselves to the many tax breaks allowed by Congress as we sought to market our business for a profit opened our eyes to what we really had in our hands. We took that education all the way to the bank this April when we had our income tax preparation done. After completion of our income tax return by "the people," we had a whopping amount of over $19k in legitimate business-related deductions alone! We owed zero additional taxes and all of our withholdings were refunded! How cool is that? All this on a virtual on line home-based business without the overhead of a traditional business

You see with the right home-based business you can have various tax breaks that non-home-based businesses and regular wages earners have, even including potentially writing off your leisure travel expenses. We think we were pretty smart to buy the right home-based business and keep accurate records. After attending webinars, workshops and reading a book on tax breaks for home-based business owners, we knew what deductions were allowed. We were then able to convey that information to the tax preparer. Although Congress has authorized many tax breaks for home-based business owners who are trying to make a profit, unfortunately many tax preparers are not well versed on all the deductions allowed.

Many are buzzing about the "stimulus" checks being rebated later this year--a one-time only rebate. Think about all the times you have been overpaying on your taxes because you didn't own a home-based business. Guess what? You're in luck because you can still position yourself to put back a considerable amount larger than that in your bank account monthly! So it pays to educate yourself and others you know who own home-based businesses. Perhaps those who are not owners can benefit from this information as well. Who knows they just might want to get started themselves.

This was our first full year owning a home-based business and network marketing, and boy has it paid off. Why didn't someone expose us to this key before--having and running a home-based business? I was a little disturbed about the amount we have overpaid in taxes over the years because we didn't own a home-base business. Not to mention the exchange of hours of our lives for wages. We are hooked on network marketing. Even more so, now that we have discovered the world of "Internetwork" marketing. No more relying on our "warm market" and the "3-foot rule." Believe me we had worn them out. Now we know easier, less intimidating ways to expose our business to people interested in hearing about it.

Ask me how? If you haven't filed your 2007 return, you still have time to learn how you can save, too if you owned a home-based business last year, tried to make a profit and kept accurate records. AND better yet, it's a good time to get started for the upcoming tax year.

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