Tax Time - 2 More Days in the U.S.
Most of you are aware, in the United States, that good ole Uncle Sam has given us two more days for tax time this year. I am one of those that puts this off until the last minute, usually because we end up about even or we owe.
I have been in business for myself most of my life. Most of my truck driving career was spent operating my own trucks. Since the end of my driving career we have had a couple of home based businesses and now I am with all the successful entrepreneurs at Wealthy Affiliate which let me add is great! I thought I knew all the tax deductions, but today I found out the ole man's not so smart.
Most of you probably know this, but I thought I would write a little about this, because some of you may not be aware of all the deductions you can take, here in the U.S. If you are in Weathly Affiliate, or have another business where you work at home, full time or part-time, your home is considered your office.
Any amount of money you spend on:
- Computers, computer paper
- Paper Clips and Tape
- Electricity, Water, Trash and Phone, Cell Phones To
- Anytime you or your spouse dine out - You are always talking to someone when you are out, about this great business
- Automobile, Gas, Repairs and Tires - You are always driving somewhere to talk to someone about our business or to help them with website design (keep track of your miles)
There are many more, but a good idea is to talk to a good tax accountant. That is what my wife and I did today. We went to the accountant's office to finish up our tax returns. I had to take a little out of my IRA this past year to cover some medical expenses, so I figured we were going to have to pay and I thought I could be a lot.
We did quite a bit of remodeling on our house last year. My wife ask me last night if we could write off those expenses? Not thinking too much I told her no, but she told me to gather the receipts anyway, so I did! Always do what I am told. But I started thinking about it and thought if all those politicians and business people could write off hot tubs and wet bars for their offices, why can't we write of some for flooring and furniture.
Well this is what saved us, because we ended up getting a pretty good refund from Uncle Sam! I don't know how things are in other countries, but here in the U.S. they have a habit of making things more complicated than they have to be.
All of you out there that are new to the Home Business world, keep this in mind, keep all those receipts for anything you buy and if you have any questions, ask you accountant.
Everybody have a Happy Tax Day and I hope no one owes too much. Just think, how easy life would be if we had just one flat tax - everybody just pay 20% of what they make and be done with it!