Monday September 24, 2012 The Online Success Show Recap – Home Business Tax Benefits
Travel day for me, but I joined the show live from Caribou Coffee in Fargo, ND! Love Wi-Fi and technology!
On the topic of home business taxes and the benefits to your bottom line income, I for one employ as many home based business deductions as I can. I find this is an over looked bonus to having a home based business. We are trained with wage mentality in very early stages of our lives and careers. Work for pay and the government will tax you accordingly. Problem with that is they take too much of your hard earned money. Knowing the ins and outs of home business taxes you can set yourself up to have more disposable income and pay less tax than your wage earning counter part.
Consider this, with home business tax benefits you pay taxes AFTER expenses! What does that mean, well it means that of two people make $100,000/yr, one in a home based business and one in a traditional trade time for money job, the person with the job pays taxes on $100,000, while the person who has a home business will pay tax after they report their expenses (travel, food, Internet, cell phone etc.). If the home business tax deduction amount is $25,000 then the home business owner only pays tax on the $75,000.
As you can see the home business tax benefits can really make a huge difference to your bottom line. What qualifies as a home business tax deduction is an important item to note and hiring someone who specializes in home business taxes is really important, oh that TOO is a write off! Know this, having more disposable income is GREAT for the economy, contrary to what the government might have us believe.
On today’s show we mentioned a book that is a must read to educate yourself on Canadian home business taxes, Top 10 Things Revenue Canada Doesn’t Want You Know. Pick it up and get educated on home business tax benefits today! Discover why our #1 reason for starting the home business journey is a Guaranteed Tax Savings. It should be your reason too!
Have an awesome day!
To Your Unlimited Success,
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