Hello home based business owners in Orange County! Today’s blog is about saving money with home business tax write-offs. If you are running your own direct sales business or online store out of your Orange County home, you can take advantage of several tax breaks.
A percentage of your rent or mortgage and utilities can be deducted. If you use your computer exclusively for running your business, you may be able to write off the entire purchase price. Don’t forget to include the monthly fee to your internet service provider (I put this expense under the utilities category mentioned previously.)
Gasoline and auto maintenance expenses can take a large chunk of your income, especially as Orange County gas prices continue to rise. Don’t forget to expense the business portion of your transportation costs.
You can’t write off 100 percent of business meals eaten in Los Angeles restaurants, but you may be able to expense 50 percent. The amount may seem too little to bother with, or on the other hand, it may surprise you. The key to getting the most tax savings possible is keeping good records and adding up all the little savings.
Here’s wishing all Orange County home business owners a smaller tax bill this year!
Manhattan Beach, California 90266
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