Let’s Talk Taxes

Did you know that it is better to be self employed as you can have more tax deductions than employees can?  You are able to write off a portion of your utilities, mortgage interest, home maintenance, home insurance, property taxes and vehicle expenses which regular employees cannot do.

So what if you technically have a home business because you are a consultant with a desk at home, but you’re really just purchasing from a direct sales company at a discount for yourself?  Does that still qualify for tax deductions?

The Code of Conduct

  1. Run your business like a business
  2. Document your activities correctly
  3. Pursue a profit

If your hobby business follows these guidelines, then there won’t be any worries come tax time.

So if having a home business makes so much financial sense when tax time comes, why do most people not bother to have one?  If people really understood the tremendous tax savings, I think more people would be intentional and find a direct selling or network marketing company with products they like and use and could recommend to friends and family.  Taking advantage of the tax savings takes a little effort, but it is well worth it!

Why do people overpay taxes?

  1. They find it too time consuming
  2. They procrastinate and leave it all to the last minute, then feel overwhelmed
  3. They have either lost or faded receipts
  4. They don’t know the rules.

There are many great resources to help you with your taxes and lots of easy-to-use tax programs too. I’d love to hear what you use and find helpful. Leave me a message at facebook.com/publishedstorybooks

 

About Lisa - the Multitasking Momma

As a Personal Publishing Consultant with Heritage Makers, it is my privilege to inspire people to be intentional with their photos and stories by creating photo books, canvas art and other projects. I have partnered with Heritage Makers as I believe they can help you strengthen family relationships, build character and grow personally and professionally.
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