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Michalis 'BIG Mike' Kotzakolios
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Defined Tag: Tax Write Off.
“Next to being shot at and missed, nothing is quite as satisfying as an income tax refund.” - F. J. Raymond.
Most people see a tax write off as a feature reserved just for huge corporations with large turnover, profits, and expenses. Surprisingly, it is not true. Tax write off is for everyone, even if you run your business from home. The Internet Revenue Service is very generous in the write off on your taxes if you know what you are entitled to.
What is the address printed on your name card? If it is your residential address, you have the advantage of a tax write off! The IRS allows a certain tax write off if an area in your home is used for business purposes. Even if the area is not used exclusively for business, a tax write off will be applicable provided that it is your primary place for business and/or it is where you meet your clients. Even if you do not own the house but are just renting it, part of the rent can also be deducted. You might even qualify for tax relief for repair and maintenance of the house.
At some point, loans and debts are almost unavoidable if you wish to expand your business beyond its bottleneck. If you have taken a loan for the purpose of expanding or running your business, the accruing interest may be qualified for a tax write off. Obviously, the loan still needs to be repaid by you so don’t overdo it just for the sake of enjoying the tax write off. On the other hand, if you have a client who refuses or is not willing to pay for services or goods, you can classify it as a bad debt expense and request a tax write off. It will, at least, minimize your losses.
IRS guidelines state that all transportation costs for travel within United States are applicable for a tax write off if the principal purpose for the trip is business. This is something definitely worth looking into as it signifies that you and your family can have wonderful vacations anywhere within the country for “free”. There are no specific guidelines from IRS about it, but in general, claims for tax write off on transportation cost will be valid as long as there are more business days than personal days during your trip. Claimable items include cab fare for getting to airport, airfare, and cab fare from airport to hotel and so on. Even if you don’t fly and choose to travel by rail or car, you will get the benefit.
There are certainly more ways to get your tax reduced. This is the last tip: most insurance premiums related to your home business qualify for a write off. Insurance premiums on medical, malpractice, disaster and theft are a few such examples. It is wise to refer to your accountant for more tax write offs and other tax related issues.
BIG Mike is a well known author, developer and Adsense expert as well as the owner of Niche Maniacs - a unique Adsense Marketing System designed to build long-term passive income streams from Adsense, YPN, Chitika and other PPC services.
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