TAX BENEFITS

Tax Benefits for you today

Schedule C – Form 1040- Profit or Loss From Business

Use this schedule to report income or loss from a business you operated or a profession you practiced as a sole proprietor. An activity qualifies as a business if:

1) Your primary purpose for engaging in the activity’s intent is for income or profit,
2) You are involved in the activity with continuity and regularity. (Eg. 6 to 8 hours per week)
3) Document your activity using a “Day Planner” logging your daily activities, keeping receipts and logging mileage.

GO HERE  FOR 10 Deductible Small Business Expenses to Reduce Your Business Taxes.

In tax year 2012, the most recent year for which figures are available, nearly 3.4 million taxpayers claimed deductions of more than $10 billion for business use of a home, which is commonly referred to as the home office deduction.

Introduced in tax year 2013, the optional deduction is designed to reduce the paperwork and record keeping burden for small businesses. The optional deduction is capped at $1,500 per year, based on $5 a square foot for up to 300 square feet.

FOR ADDITIONAL INFORMATION, GO HERE ON HOW YOU CAN SAVE THOUSANDS ON YOUR TAXES.

GO HERE TO INVEST $10 PER MONTH TO SAVE THOUSANDS ON YOUR TAXES. START THIS HOME BASED BUSINESS NOW!