Keep More of What You Make - Start A Home-based Business
Author: Vicky Collins
The best advantages of owning a home-based business are you can turn non-deductible expenses into tax deductions. The deductions you create for your Schedule C have a more significant impact on the total taxes you pay than do deductions on Schedule A. Schedule C deductions not only reduce federal income tax, they also reduce self-employment tax, Medicare tax, and state and local taxes.
Some favorite tax deductions for home-based businesses include the following:
· Meals and Entertainment can be 50% deductible when you are with prospective or existing clients, vendors, etc. If you are in a service business or sell products, most everyone is a potential client. It is important to f...
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