<h2 class = 'uawtitle'>3 Home Based Business Tax Tips</h2><br />
<div style='font-style:italic;' class='uawbyline'>by Bob Garrett</div><br /><br />
<div class='uawarticle'>As a business owner, you are required to complete company tax returns. If you work at home and do not have any employees besides yourself, taxes immediately became much simpler. Nonetheless, there are some important facts you should be aware of before you get started, plus tips on making the job even easier.<br />
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<b>Home Business Tax Deductions</b><br />
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When launching a start-up, many entrepreneurs question which deductions are available to them. Remember to keep this in mind: deductions need to be ordinary and necessary to the business.<br />
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There are multiple places where businesspeople can deduct costs. Some examples include supplies, marketing, travel and entertainment, insurance, repairs, rent, wages, etc. Also deductible is the company's use of your home and car. The IRS website has additional information on deductions.<br />
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If you organize written receipts and good records of expenditures on a consistent basis, you can complete tax return much faster. Utilize a company credit card for business expenses. Don't combine personal and business accounts. If you don't use an accountant, many people suggest that you get a simple financial software program such as Quick Books Pro or Quick Books Simple Start. They track expenses and income so tax return preparation is less work.<br />
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<b>Tax Return Forms</b><br />
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The required tax documents for a particular business will vary, based upon the structure of that business (a sole proprietorship, corporation, s corporation, LLC or partnership). The forms can be downloaded and printed at the IRS site, with information for completing them.<br />
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According to the IRS website, people who operate a sole proprietor business or limited liability company complete a 1040 individual tax return along with a Schedule C Attachment, profit or loss from business. Corporate entities use form 1120 while S corporations use form 1120-S. Partnerships use form 1065.<br />
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<b>Tax Software Programs</b><br />
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A tax professional can be paid to fill out business tax returns, or you can do them yourself. Just like personal tax return software, there is do-it-yourself tax preparation software for organizations and companies. You can even find home and business software packages which include both programs for preparing personal returns and corporation business returns. Getting a combination pack usually is discounted and can be a great deal for home based businesses on a budget.<br />
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Well known tax services providers such as H&R Block and Intuit have packaged home and business software in one package that sells for less than $100. If you don't want to download and install software, Tax Act offers a tax prep solution that is accessible online and you don't have to download any software.<br />
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A completed return from an accountant can cost upwards of $500, so there is a big cost savings to doing the work yourself. However, tax pros typically have knowledge of little-known deductions which you miss out on, and the pros can naturally save you time filling out forms.<br />
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<div style='font-style:italic;' class='uawabout'><br />
About the Author:<br />
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<div class='uawlinks'>Bob Garrett researches cost effective business strategies for Home Business Center, Inc., a resource for home-based entrepreneurs since 1997. Visit HomeBusinessCenter.com to get access to self employed tax forms, find out which items can be deducted on the <a href="http://www.homebusinesscenter.com/tax.html">tax deductions list</a> and see comparisons of low-cost small business tax software.</div><br />
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New Unique Article!<br />
<br />
Title: 3 Home Based Business Tax Tips<br />
Author: Bob Garrett<br />
Email: homebusinesscenter@yahoo.com<br />
Keywords: home business,business tax,tax,entrepreneur,small business,business<br />
Word Count: 476<br />
Category: Entrepreneurs<br />
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