Even if you have a casual home business, you can get some GREAT tax savings! By writing off allowable business expenses you can lessen how much income tax you have to pay and even increase what you get back!
Whether you own or rent, you can write off a portion of your payments and utilities based on the size of your home office. This also includes any renovations if they are used for the business and things like alarm services for security.
If you are using Internet for business which you probably are, you can write a portion of that off, along with a business phone line. Cell phones also fit into this category.
Any office supplies (paper, ink, pens, photocopier) and office equipment (furniture, desk, chairs, computer, decor) can be written off at income tax time as well. If you are doing any markets or shows you can write off needed items like tables, shelves, tablecloths and anything else required for you to display and sell your products.
A large category, this can include any promo items you make up like business cards, or travel to promote your business. Websites, social media marketing, sponsoring causes and offering silent auction prizes can also be written off.
You can write off memberships and subscriptions to relevant organizations. Also, if you upgrade your skills and take courses that are relevant to your business, they can also be a write-off. It's a great way to work on your education in the related field and use the expense to help with your income taxes!
Whether you are working full-time, part-time or casual you can always start a home business and use the business expenses towards your net income. It's a good idea to chat with your accountant to see just how much a home business can help you and to find out what things you should keep track of so you claim them at tax time!
When choosing a business, choose something that is flexible and low-cost, especially if you are already working a full job.
I have been doing my Watkins business since 2007 and have used the business expenses every year - both when I worked at other jobs and now when this business is my full-time job. It is very helpful with Income taxes and I encourage you to look into it. Plus - we have no autoshipments or quotas, are totally flexible and our signup fee is under $30! No hidden costs!
The statements made and opinions expressed on this page are those of the Independent Watkins Consultant who is the publisher of this document, and are not to be construed as the statements or opinion of Watkins Incorporated. Information on this page is deemed to be accurate and is subject to change. If you experience difficulty in viewing this site or have any questions, please contact webmaster. Last updated March 27, 2019 by Tamara Laschinsky, Independent Watkins Consultant, Sponsor and Silver Manager #378193 from Airdrie, Alberta, Canada.
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