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One of the great discounts of owning your own
business as an AmeriPlan®
IBO is that you can save significantly on your
taxes! All it takes is a little planning and
being aware of each possible deductible expense.
Some things
can be 'deducted' in full, others can be 'expensed',
and still others can be partially deducted. Below
are some examples of expenses for which you should
keep records because every receipt and recorded
expense can translate into significant savings. And
that's JUST LIKE GIVING YOURSELF A RAISE, regardless
of how much you earn from your home business this
year!
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Any items
or expenses that are reasonable and necessary in the
course of business may be deducted for income
tax purposes. Examples include: |
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Supplies
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Advertising
(including leads)
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Bank charges on business accounts
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Interest expense on business loans
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Dues and subscriptions relating to the
business
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Travel for business purposes
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Business related insurance
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Business licenses and fees
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Rent or leases
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Business telephone and fax lines
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Wages paid to a spouse or children
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| These
items may be expensed for tax purposes in the
year purchased or over the useful life of the item and
only to the extent of business usage: |
-
Computers and computer
equipment
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Vehicles
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Office furniture
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| Household
expenses may be deductible to the extent there is an
office used in the home exclusively for business.
Examples include: |
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Mortgage interest
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Property taxes
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Rent
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Utilities
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| Other
discounts of self-employment that are generally not
available as a business expense, but are possibly
increased deductions elsewhere on an individual tax
return: |
-
Possible 100% deduction
of health insurance premiums
-
Possible increased
deduction for retirement plan contributions
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