Tax Benefits of a Home Based Business
Welcome to my post about the tax benefits of a home based business. Do you know what the difference between a W2 and a W9 is?
In the United States of America, Line 7 of the Internal Revenue Service form 1040 is where employees enter the amount of income earned from their employers. Being an employee is noble and jobs are great for many people. There are other ways to create income.
Being an entrepreneur is the most powerful way to earn money because of the tax benefits. Small business owners are given W9 or 1099 forms for Miscellaneous Income. All corporations that have independent contractors earning more than $600 a year are required to submit 1099’s to the IRS and to the contractors.
As an entrepreneur operating a home based business, I get to write off the following expenses for working from my home office:
- Business Use of Home Office
- Business Use of Vehicle
- Communication Devices
- Meals Away from Home While Conducting Business
- Office Supplies
- Phone Bills
This is just a small section of allowable deductions that I can make that someone that is just an employee cannot make. Check the IRS website for more details about the 200 plus deductions that are part of the tax code. The US Congress writes the Laws of the USA and encourages entrepreneurship.
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Take action now & you will be in a different place in just a few months. Having my own home based business has been the best education of my life. It is my hope that you have benefited from my post about Tax Benefits of a Home Based Business.
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