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ONLINE BUSINESS HELP

Deducting the Home Office
By: Marvin Mitchell
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    2006-01-18

    Table of Contents:
  • Deducting the Home Office
  • Home Business Related...
  • Deducting all or...
  • Such advice is...
  • It's worth your...
  • The IRS Return...
  • In another, abusive...
  • Review your return...
  • What should a...
  • Also, for the...
  • Such necessary expenses...
  • Individuals who do...
  • Joan started an...
  • Plus, and this...
  • Record Keeping...
  • The law does...
  • In addition to...

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    Deducting the Home Office - Individuals who do...


    (Page 12 of 17 )

    Individuals who do not own a business pay taxes before they ever see their
    regular paycheck. They do not have the same flexibility an entrepreneur does.
    Of course, they do not take the risks a business owner does. So, as a business
    owner, you are rewarded by knowing how to make your business expenses work
    for you. In fact, as small business owner who really understands deductions and
    taxes, you can control how much taxes you will pay.

    A business person whose net income is $50,000 annually can enjoy a lifestyle
    similar to a wage earner with an annual salary of $75,000. Why? Because as a
    business owner you can structure your net income so you only pay taxes on a
    small fraction of the income actually earned, in comparison to the wage earner.
    This is possible only if you have done your homework and know how to record all
    expenses for maximum, allowable deductibles.

    To help you understand how this can work for your home business, a
    basic step-by-step example is provided below.

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