Updated: Aug 20, 2020
Historically, the Tax Day deadline has fallen on April 15th, but so far 2020 has torn right through historical norms! We used to dread doing our taxes, but since starting our home-based businesses, we *almost* look forward to it! WHY? Because not only do we get to see the raw numbers on new income generated, but we get to see our tax debt come down increasingly with every itemized business deduction taken! According to the U.S. Chamber of Commerce (March 28th, 2019)*, the following are some of the expenses that may be deducted on any home-based business tax return, regardless of whether you are eligible for the home office deduction: • Cost of good sold • Capital expenses • Employee pay • Retirement plans • Interest • Business taxes • Business insurance • Meals & entertainment • Travel expenses • Office supplies & postage • Professional service, such as accounting legal, or contract labor • Marketing & business development The IRS provides a detailed explanation of these types of expenses & what is eligible for deduction. * Full Chamber of Commerce article.
As you can see, there are great tax advantages to operating a #HomeBasedBusiness NOW is the perfect time to explore genuine #WorkFromHome opportunities! If you are coachable, self-motivated, & open to natural forms of healthcare, my international team & I would welcome you to join our tribe of #WellnessAdvocates!