Are you taking advantage of all the tax deductions that are allowable to you by the Internal Revenue Code for Small Businesses? Some of the software programs available that allow you to fill in your own tax forms, are not giving you the deductions that you should be getting. One woman told me that it placed her home-based income into "Tips." Make sure that you are getting all the deductions that are allowed you by law.

You should be filling out a Schedule C. This is the form used for Sole-Proprietorships, which allows you to take the deductions. You will need to attach this to your Form 1040.

Here are some common deductions, and by clicking on the links, you will be provided with more in-depth descriptions for that item. (Links will be working shortly, as well as a ScyberBook / eBook available through the store on this website). For more information immediately, email us at info@ScyberBiz.com

Home Mortgage or Rent & Household Expenses
You can take the amount equal to "business use percentage" of:
Mortgage Interest
Property Taxes
House Insurance
Improvement & Repairs
Rent
Utilities
Trash Removal
Water & Sewer
Janitorial / Cleaning Services
Security System
Lawncare & Yard Maintenance

Office & Business Expenses
Computer
Printer
Fax Machine
Scanner
Digital Camera
Software
Internet Service
Telephone & Cell Phone
Furniture used in your business
Paper, Toner, Office Supplies


Automobile Expenses
Actual Business Mileage times Standard Rate
Business Use percentage of Actual Expenses

Hire Your Children
Children under the age of 18 who work for your business can get paid up to $4,000 tax free.  They pay no income tax on that amount and you get to take it as a deduction against your income.

Other Deductions
Seminars & Training
Reference Materials
Gifts & Donations
Meeting Expenses
Entertainment
Travel
Cab Fare
Tips
Parking Fees
Bank Charges
Meals with Overnight Travel
Contract Labor
Consulting Fees
Attorney Fees
Accounting Fees

The information given here came from various resources and exact numbers may vary from year to year. Always seek professional advice from a Competant Accountant or Tax Advisor. Review current laws and tax guidelines to verify the information and amounts given here are still correct.