There is Still Time to Enjoy the Tax Advantages of a Home Based Business
If you missed Dr. Ron Mueller’s call last night you missed some great information about tax advantages that could save you thousands of dollars year after year by owning a home based business. It’s still not too late to benefit from the tax advantages in 2011. Like deducting up to $10,000 in start up costs for your home based business. It was a very powerful call and the reviews came in as one of the most value added calls people have ever listened to. Dr. Mueller did a great job on giving people some legitimate information about the many benefits of owning a home based business.
These are some general tips to insure you are owning and operating a legitimate home based business. Here are a few highlights:
3 Requirements to Having A Legitimate Home Based Business
1) Run your business on a consistent basis, you should work your home based business a minimum of 3-4 hours a week
2) Work your business with the INTENT to make a profit
3) Keep a good record system of tracking expenses
Also, 6 of the Biggest Tax Deductions you will get with a home based business.
1) Business use of your home- the home office deduction
2) Using your personal vehicle- could be one of the biggest deductions you get
3) Deducting 100% of the health related expenses you incur
4) Hire your kids in your home based business for up to $5800 in deductions per kid
5) Business Travel
6) Business Entertainment
To hear the full details of last night’s recorded call, CLICK HERE:
I’ve also attached the 1 Page Summary that Dr. Ron Mueller was talking about last night. This is a great one page summary (with the actual tax codes listed) to show you the many tax deductions available for start-up businesses in 2011.
CLICK HERE for the downloadable PDF.
PS: I’m looking to train three people on how to create an internet income, reply back if you are open or interested.
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