Income Tax Advantages are many for Self-Employed Home Based Business Owners in Naples
There are many reasons to have a Naples home based business. Many Stay at home Moms and Stay at home Dads choose to stay home with their children and work from home as well. Retirees or those looking to supplement their social security and annuity income may choose a home based business for that reason. Still others, unable to find the job of their dreams and facing an extended unemployment, turn to a home based business out of desperation. Whatever the reason, Home Based Business Owners have a definite income tax advantage when filing their 1040 income tax return. Most individuals will fill out the Schedule C and record their business income and expenses there.
Having a home based business gives you the right to claim the deductions that are required to run your business. If you are driving to visit clients or to obtain sales, make sure you are keeping track of your mileage with a mileage log. Those who use a portion of their home specifically for the business, are able to claim a deduction for that portion of the home expenses. In addition, the costs of doing business, your business equipment including your laptop computer, your business phone number, advertising costs, costs of supplies and more are all deducted. This adds up quickly so make sure you are keeping track of every expense. Many use professional tax preparer apps that can be used on your smartphone, iphone, ipad or tablet.