Legitimate Home Based Businesses

Posts Tagged ‘business write offs’

Question: Home Based Business tax write offs?

I just started network marketing Home Business. And my question is what can i write off for the taxes? I know that I can write off millage, office equipment. What else can I write off. How do I write off a cell bill I use for personal and business? Any sites where I can find this?

Answer: 1. Mileage for business
2. Office equipment is capital expense. You can get section 179 deduction.
3. Home office rent for part of home office space that you use exclusively for business.
4. Telephone, if one phone, then generally no deduction. You may use another phone exclusively for business.
5. Internet connection for business use.

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Tax Write Offs For Your Home-Based Business

Question: Small Home Business Tax Help (Canada only)?

I started a small Home Based Business (Avon) primarily so I could potentially save on taxes (I'm a student who needs every cent I can get).

Answer: There is no specific amount of money that u need to make in order to claim the write offs and credits. However, the guideline is that there has to be a reasonable expectation of profit, meaning that your business will probably generate income (after expenses) someday.

The fact that you are a studuent and that your goal appears to be claiming taxes and credits may make your business not having a reasosnable expectation of profit. My tax exeperiences with home based comestics and amway business indicate that these "self employed" part-time persons get reassessed to disallow their expenses by the CRA for not having reasonable expecation of profit. Periodically, the CRA has audit projects on these self-employed businesses like yours. Most ended up with their expenses disallowed, and thousand $ of comestics, or tupperware sitting in their basement (not sold). In your case, you might end up with comestics that you will use yourself for years or decades. The only person that makes money is your supplier selling you the stuff. A waste of time and money.

But dont let the above discourage you. You might have a chance to make money and therefore eligible to claim expenses if you have a good business plan, and know lots of people and friends who will be your customers.

If allowed, you can deduct any expenses to earn the income, which include cost of housing space for your office and storing your supplies, CCA of office equipment, car expenses, etc. See attached link for other expenses http://www.cra-arc.gc.ca/tx/bsnss/tpcs/slprtnr/bsnssxpnss/menu-eng.html

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