In today’s business climate, more and more people are taking control of their own careers. With layoffs still at a high level and unemployment not drastically down from the recent high of 10 percent, it’s no wonder people are no longer confident their employer will keep them around. If you have a special skill or the ability to start a second career from home, you could see enormous benefits. Not only are you providing yourself insulation against a potential layoff, but you put more of your economic future in your own hands. If you do work from a home office, make sure you are getting all you have coming to you when it comes time to do your taxes. Here are a few items you can write off and recover come tax season.
1.) Your Internet Bill- $50 a month for wireless internet is expensive so why incur the cost if you don’t have to? Indeed, by saving your receipts and applying the balance when you do your taxes, you can write off that $600 or so as a business expense.
2.) Computer and Desk- Like your internet bill, your computer and desk can be written off as business expenses. After all if you’re working from home you most certainly have some sort of home office as a home base. The same way your employer writes off certain expenses when you are working in an office, you can do the same thing with similar materials at home.
3.) Gas mileage- Don’t try and write off every drive you take. There’s no reason to raise the eye of the IRS. But you can certainly write off some gas miles as a business related expense. Save some gas receipts and tax a tax write off of some of that cost.
You only hurt yourself if you are too lazy to ave these receipts for a write-off.