Running a home based business reaps many wonderful taxation deductions that other businesses some times might not claim. Unfortunately to many small business owners end up paying the government taxes every year because they are unaware or several small business deductions that are available.

Most of the instant any expenses that are related to your business could be added as a deduction on your taxes. If you do not pay taxes through out the year, deductions may help you from paying a large amount of taxes each year and can also adjust earned income. Try to avoid paying large amounts of taxes or owning any money by keeping track of simple things!

Each business is a bit different so be sure to mention these ideas to your taxation advisor or accountant to see if your business may qualify for these deductions.

1- If you join any business or purchase into any franchise, the expenses such as kits, or franchise fees can be claimed as a deductions.

2- Business Supplies. Be sure to save all receipts for any supplies you purchase for your business make use of . Computer paper, business cards, pens, catalogs, or any items you purchase and utilize for your business.

3- Advertising- Most branding could be claimed on your taxes. Keep all receipts for any newspaper ads you can run, or any advertising you do online. Advertising is a business expense and in most cases might be written off.

4- Items Given Away- Keep a list of any items you might give away, and the costs of these items. Most freebies may also be written off.

5- Phone bills and internet access- If you have a phone line for business make use of or have the internet in your home or office for business use, save all receipts for each bill paid. These items are business expenses and might also be written off.

6- An in home office- If you have an office in your home, contruct sure to let your taxation advisor know. Using a room in your home as an office might also be added on taxes.

7- Long distance calls- If you generate any long distance calls that are related to your business, make sure you keep all phone bills showing the calls and the amounts charged. If these calls are related to your work, the cost of the calls might also be written off in most cases.

8- Returned Checks and Bank Fees. If you incur and bounced checks from customers and may not collect on them, those amounts might be deducted, along with any fees you were charged from your bank. Be sure to keep the returned check, the letter from your bank and your bank statement to show the fee you were charged.

9- Postage- All postage costs paid by you or shipping fees may be claimed. Keep receipts for all shipping supplies, and postage.

10- Computers- If you purchase a new computer for business utilize, the cost of the computer could be claimed. You can also claim depreciation for 3 months after the computer was purchased.

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Tara Grant, owner of http://www.awomansresource.com and http://www.designbytara.com. Tara is a warm-hearted entrepreneur, mother of 2 small children and an avid networker in the wahm and parenting communities!

info@designbytara.com