Why do I need a Home Based Business?

Here are 10 reasons you need to have one.
“Read the articles below to learn more”

1) A home Based Business allows you to convert expenses into tax deductions.

2) You can reduce the impact of soaring gas prices. As an example, let’s suppose you drive 20,000 miles per year and your car averages 20 miles per gallon. At $3.00 per gallon, you will spend $3000.00 per year on gas. You should easily be able to qualify half of your total mileage (10,000 miles) for the year as business-related. At the current mileage deduction of 48.5 cents per mile, this means that you can reduce your taxable income by $4850.00. Assuming you are in a 25% tax bracket, you will reduce your tax bill by $1212.50. The impact of this is to reduce the cost of your gas for the year to $1787.50, or $1.79 per gallon. And remember, if you qualify a higher percentage of your total mileage as business-related (not hard to do) and/or you are in a higher tax bracket, your tax savings will be even greater.

3) You can qualify your vacations as business trips and deduct most of the cost of them.

4) You can go out to eat with your business associates and clients, and take 50% of the cost as a deduction.

5) You can purchase office equipment and deduct the cost.

6) You can set up an office in your home and deduct part of the cost of operating your home.

7) You can convert your cell phone and internet fees into business expenses.

8) You can increase your income but reduce your taxes.

9) You can put away money for children’s education by paying them a wage which is not taxed up to a limit, and have them save it for education.

10) This is most important - Most Home Based Businesses turn a profit in a short time, giving you extra money to set up other investments for yourself.

Who needs a Home Based Business?
Ask any CPA - the answer is anyone who has an income.