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:
- Advertising
- Business Use of Home Office
- Business Use of Vehicle
- Communication Devices
- Meals Away from Home While Conducting Business
- Internet
- Office Supplies
- Phone Bills
- Samples
- Travel
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.
I recommend the Whole Wellness Club as the best home based business opportunity. The company is debt free, global and has been in business since 2007. The company is endorsed by the Better Business Bureau and helps people improve their health and helps people earn additional income in our expensive world today.
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.
Your Partner in Success!
Daniel Parsons
This is a good recommendation, organizations that help people through their problems are hard to come by in the twenty first century.
Maverick, our governments stimulate small businesses by allowing them to write off all the expenses and costs of operating a home based business. On the news tonight there was a report of a well known drug causes serious side effects. More people are becoming aware of natural healing solutions and we all will live longer by taking better care of ourselves and practicing wellness. Thanks for stopping by! Did you know you can get a free gravatar so your image shows on all your comments?
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Hi Daniel,
I'm in Australia and this information applies here as well.
Reg.
Reg, our governments stimulate small businesses by allowing them to write off all the expenses and costs of operating a home based business. Thanks for stopping by! Did you know you can get a free gravatar so your image shows on all your comments?
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