Benefits of a Home Based Business
There are many benefits of a home based business. Data from the 2007 U.S. Bureau of Labor Statistics show that 4.12 million entrepreneurs are now working at home. But You Need To Start one NOW.
Here are some benefits of a home based business.
The largest of the benefits of a home based business in my opinion is the freedom. The freedom to dictate your own future. the freedom to do what you want and when you want. But very quickly, before I mention why you need to start one NOW, here are some quick reasons:
1. Control-of your own daily activity and schedule.
2. Security-No one else can dictate your wages or layoff or whether or not you have a job tomorrow.
3. Time for Family.
4. No commute.
5. Performance Based pay instead of just getting paid what a job is worth.
6. Minimum start Up Costs vs. Brick and Mortar.
7. Utilization of the powerful internet for additional business.
8. Leverage of other peoples efforts instead of a boss leveraging your efforts.
9. No age restrictions-young or old-any one can.
10. TAX BENEFITS
Benefits of a Home Based Business NOW!
Tax benefits are the reason you need to get started today in your home business. In the case of taxes, the benefits of a home based business are great. If yu get your business started before January 1st you can immediately write of that investment for this years taxes.
Here are some common deductions that makes a home based business worth while. All those computers, printers, and supplies become a complete reduction.
Additional benefits of a home based business include being able to deduct whatever percentage of your home you set up as your office. If your work space is 1/5 of your home then you get to deduct 1/5 of your home owners expenses. These expenses include painting, utilities, and even your mortgage.
The equation which may change from tax year to tax year is actually fairly simple. I am not a tax accountant or tax professional so you will want to seek the assistance of such a person. In any case it goes something like this: Let’s say you have a 2000 square foot house. You create an office in your home where you are using 200 square feet. In this hypothetical case you would be able to deduct 200/2000 or 1/10 of your mortgage or rent, utilities and everything else.
You will be able to deduct a percentage of your security costs, your transportation costs, and insurance. Other tax deductible expenses include software purchases, education, and even certain meal and entertainment expenditures.
Of course when it comes tax time you will want to consult a professional to make sure that you get all the benefits of a home based business that you can. You should also be able to deduct the entire expenditure of say a computer or printer that is purchased for your business. Even your internet costs and cell phones will save you money on your taxes, meaning a larger refund for you.
Take advantage Now of the Benefits of a Home Based Business
In any case, start saving on your taxes now by starting your home based business today. Think about it, what ever you spend by years end comes right off the top of your income and automatically reduces your tax obligation for this year. This is one of the time sensitive benefits of a home based business that you really need to pay attention to today.
Get Paid To Collect Gold and Silver or
Earn $1000’s Weekly and Get Paid To Go On Vacation and Help Others Do The Same.
Gain Many of the Benefits of a Home Based Business and Start Saving Money On your Taxes Today!