{"id":18,"date":"2013-01-15T00:00:00","date_gmt":"2013-01-15T00:00:00","guid":{"rendered":"https:\/\/empowernetwork.com\/dotcomprosperity\/?p=18"},"modified":"2026-07-31T20:17:03","modified_gmt":"2026-07-31T20:17:03","slug":"home-based-business-and-tax-savings-an-alternate-way-to-easy-money","status":"publish","type":"post","link":"https:\/\/empowernetwork.com\/dotcomprosperity\/home-based-business-and-tax-savings-an-alternate-way-to-easy-money\/","title":{"rendered":"Home Based Business And Tax Savings \u2013 An Alternate Way To Easy Money"},"content":{"rendered":"<p>The new age mantra, of being your own boss by doing a <b>profitable<\/b> <b>home<\/b> <b>based<\/b> <b>business<\/b> is catching wildfire across the US. And <b>saving<\/b> <b>money<\/b> is the ultimate goal to be achieved by doing any <b>home<\/b> <b>business<\/b>. Maximizing tax deductions, is one of the easiest <b>money<\/b> <b>saving<\/b> <b>tips<\/b> that can be implemented while doing home based business.<\/p>\n<p>Effective tax savings plans are very much important to work out ways to maximize tax deductions. One of the best ways to save on taxes is to hire a tax consultant to learn the latest IRS requirements and also ways to handle them. But while you get there, here are few tax saving tips to get you on the road.<\/p>\n<ul>\n<li>\u00b7 Keep a record of all your daily business expenditures, as a major portion of these are tax deductible. According to Denise Winston, founder of <a href=\"http:\/\/moneystarthere.com\/index.html\" target=\"_blank\">Money Start Here<\/a>, a financial education company, it is imperative to keep a record of all your business receipts-even receipts of paper purchased for the copier, to save taxes. There are many software and online programs like <a href=\"http:\/\/www.ShoeBoxed.com\" target=\"_blank\">www.ShoeBoxed.com<\/a> and <a href=\"http:\/\/www.capturengo.com\/\" target=\"_blank\">Capturengo<\/a>&#8211; an iPhone app, that helps you to keep a record of all your business receipts.<\/li>\n<li>\u00b7 Home office expenses like mortgage, rent, property taxes, utilities, repairs , security and the likes are tax deductible. According to John Beidle, a small business tax expert and founder of <a href=\"http:\/\/taxplanningstl.com\/\" target=\"_blank\">1040 Wealth Designs<\/a>, \u201cFor years, taxpayers feared it raised an automatic audit flag, but Congress has relaxed the rules, so now home offices attract far less attention.\u201d But home office expenses are tax deductible only if,<\/li>\n<\/ul>\n<p>1. The office is exclusively used for business purposes- management or administrative.<\/p>\n<p>2. There are no other offices from where you carry on a major portion of your business.<\/p>\n<ul>\n<li>\u00b7 Home based business entrepreneurs can now deduct their health insurance costs from taxes. But this benefit can be availed, only when you have a single business enterprise or when you don\u2019t have full time employment elsewhere.<\/li>\n<li>\u00b7 One of other way to save on taxes to <b>make<\/b> <b>money<\/b>, is to include the automobile expenses of the first mile you travel every day for business requirements. The best way to maximize on this benefit will be to include a business requirement \/agenda with all your personal travels.<\/li>\n<li>\u00b7 Kristin Oberlander, a spokesperson for the <a href=\"http:\/\/www.naseadmin.org\/Home.aspx\" target=\"_blank\">National Association for the Self-Employed<\/a>, says, \u201cHiring teenagers in your business for as employees helps you to save taxes. Their wages can be deducted from tax as a business expense.<\/li>\n<\/ul>\n<p>For <b>money<\/b> <b>saving<\/b> <b>tips<\/b> for your home based business, talk to <b>Victor<\/b> <b>Bauza<\/b>, through email\/twitter\/facebook or @:<\/p>\n<p><b>\/dotcomprosperity<\/b><\/p>\n<p>Sources:<\/p>\n<p><a href=\"http:\/\/www.inc.com\/guides\/201102\/small-business-tax-tips-for-home-based-businesses.html\" target=\"_blank\">http:\/\/www.inc.com\/guides\/201102\/small-business-tax-tips-for-home-based-businesses.html<\/a><\/p>\n<p><a href=\"http:\/\/www.startupnation.com\/business-articles\/1312\/1\/home-based-business-taxes.asp\" target=\"_blank\">http:\/\/www.startupnation.com\/business-articles\/1312\/1\/home-based-business-taxes.asp<\/a><\/p>\n<p>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The new age mantra, of being your own boss by doing a profitable home based business is catching wildfire across the US. And saving money is the ultimate goal to be achieved by doing any home business. Maximizing tax deductions, is one of the easiest money saving tips that can be implemented while doing home [&hellip;]<\/p>\n","protected":false},"author":3009,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,3,4],"tags":[5,6,25,26,57,65,9],"class_list":["post-18","post","type-post","status-publish","format-standard","hentry","category-empower-network","category-home-based-business","category-multi-level-marketing","tag-business","tag-home-based-business","tag-home-business","tag-make-money","tag-money-saving-tips","tag-profitable-home-business","tag-victor-bauza"],"_links":{"self":[{"href":"https:\/\/empowernetwork.com\/dotcomprosperity\/wp-json\/wp\/v2\/posts\/18","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/empowernetwork.com\/dotcomprosperity\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/empowernetwork.com\/dotcomprosperity\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/empowernetwork.com\/dotcomprosperity\/wp-json\/wp\/v2\/users\/3009"}],"replies":[{"embeddable":true,"href":"https:\/\/empowernetwork.com\/dotcomprosperity\/wp-json\/wp\/v2\/comments?post=18"}],"version-history":[{"count":1,"href":"https:\/\/empowernetwork.com\/dotcomprosperity\/wp-json\/wp\/v2\/posts\/18\/revisions"}],"predecessor-version":[{"id":34,"href":"https:\/\/empowernetwork.com\/dotcomprosperity\/wp-json\/wp\/v2\/posts\/18\/revisions\/34"}],"wp:attachment":[{"href":"https:\/\/empowernetwork.com\/dotcomprosperity\/wp-json\/wp\/v2\/media?parent=18"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/empowernetwork.com\/dotcomprosperity\/wp-json\/wp\/v2\/categories?post=18"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/empowernetwork.com\/dotcomprosperity\/wp-json\/wp\/v2\/tags?post=18"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}