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Tax Advantages for the Self-Employed

There are many tax advantages to being self-employed. The federal tax code is extremely generous to small-business owners. Most states also offer tax advantages in terms of deductions and sometimes even tax credits.

Home Office Deduction:

The home office deduction is perhaps the biggest tax benefit you will see with your home business. It allows you to deduct as a business expense the costs of operating and maintaining the part of your home that you use for business. For example, a room can be used as a tax deduction if you run your business out of that room in your home.

Other deductions related to running your business at home are your phone calls and some indirect business expenses such as heat, electricity, housekeeping, security system, household supplies, trash collection and association fees.

Other Deductions:

The self-employed person can also deduct items used exclusively for business. In some states, you can deduct a portion of costs for services that are not used exclusively for business, such as a percentage of the costs of internet service for business and personal use.

Other deductions you may be able to take advantage of include: phones, answering machines, fax machines, postage costs, health insurance, auto expenses, business travel, office furniture, tuition for business-related classes, retirement plans, and interest on business-only credit cards.

Yet another tax benefit can come in terms of hiring your family members. By doing this, you can literally shift income to a lower tax bracket. This lets you shift some of your earnings to other family members, meaning you pay less tax and the family members get money you probably would have given them anyway.

References:
Kaeter, Margaret. (2003). Everything Network Marketing Book. Avon:       MA. Adams Media Corporation.

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