Tax Deductions For The Home-Based Business -

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Tax Deductions For The Home-Based Business

Congress has told the IRS to give THOUSANDS of dollars in Tax REFUNDS and DEDUCTIONS to anyone who has a small or home-based business, OR who had one at any time in the past 3 years. Does that describe YOU?

These deductions can reduce your taxes by $3,000 to $5,000 in most cases. If you had a home-based business during 2002, that could mean you're owed a $3,000-$5,000 Refund. In the case of 2003, it means you could reduce the amount of taxes being withheld from your paychecks - putting an extra $250-$400 or more in your pocket, every single month.

These are NOT "tax avoidance schemes" or "tax evasion loopholes." ALL of the deductions we want to tell you about, are the direct result of Congressional Laws, IRS Tax Code and U.S. Tax Court Rulings - and we cite the source for you in all cases.

UN-Profitable Home-Businesses Can Earn HUGE Refunds from IRS!

Congress wants taxpayers to run home-based businesses because it helps strengthen the overall economy. So they told the IRS to authorize deductions, EVEN if the business does NOT make a profit.

To qualify for the deductions -- worth thousands for the average person -- the taxpayer has to be able to prove that they are running their home-business like a business (not like a hobby), and that they are TRYING to make a profit.

WHAT IF YOU COULD TAX-DEDUCT "COMMUTING" AT 36¢ / MILE?

$5,000 or more in legal tax deductions could be yours if you commute long distances to your regular job.

In order to qualify, you must have a home-based business also.

Under the IRS "Two Business Location Rule," vehicle mileage traveling from one business location to another, may be deductible, if you meet some simple criteria.

If one business is based in your home, and the other is your "day job," travel between them may become "tax-deductible business mileage," rather than "non-deductible commuting mileage."

Rules to qualify are not difficult, but they are specific. If you do not follow the rules, your deduction will not be legal, so make sure you know and follow the simple rules.

Here's How to Make ALL Medical Costs Tax-Deductible

Taxpayers who itemize deductions, normally can deduct only amounts over and above 7.5% of their adjusted gross income. That means if you claim an income of $40,000, you cannot claim the first $3,000 (7.5%) of non-reimbursed medical expenses.

UNLESS.

If you have a home-based business, you can hire your spouse as an employee of your business, and then give him/her an Employee Benefit called "Self-Insured Medical Reimbursement Plan." The Plan states that ALL medical expenses not reimbursed under any other health insurance coverage, will be reimbursed by your home-based business. Not just for the spouse/employee, but also for "any members of his/her immediate family."

Those last few words mean the Plan INCLUDES YOU AND THE KIDS ALSO. Thus ALL non-reimburses medical costs for everyone in you family, can be deducted as a Business Expense. Costs like annual deductibles, co-pays, not-covered procedures such as acupuncture, hearing aids and contacts/glasses, etc.

For most taxpayers, this can be worth thousands of dollars in additional deductions.

YES You CAN Tax-Deduct RENT

We all know that Mortgage interest is tax-deductible for homeowners, but what about Renters?

There is ONE way, and ONLY one way, in which the average taxpayer can legally write-off RENT of a home, condo, apartment or houseboat.

If you have, or are willing to start, a home-based business, you could qualify.

Here's how it works.

If you have a home-based business in which you use 40% of your home in your business (that part is not difficult - we'll show you how), then 40% of your Rent is tax-deductible as a business expense.

By the way, so is 40% of your gas and electric, 40% of your water and sewer, 40% of your routine repairs and maintenance, etc.!

Now, here's the Bad news and the Great news!

The BAD news (don't worry; it's temporary!): In this category, for any particular year, you can only deduct an amount equal to the profit you earned on your home-based business. Most home-based business don't earn much of a profit,
at least in the early years, because we plow those profits back into marketing the business.

The GREAT news: If you are not eligible to take advantage of these deductions this year, you can "roll-forward" the amount of the deductions for up to 20 years! Let's say you have $10,000 worth of deductions in this category each year
for 5 years, but you didn't make enough profit to be able to take advantage of them. So, you've accumulated $50,000 worth of "carry-forward" business deductions.

Now, lets say that in year-6 you strike it rich, and make $100,000 in profits. You will be able to cut those profits in half by applying the $50,000 worth of "carry-forward" deductions form prior years.

Why did Congress pass this tax law? They know that home-based businesses are the backbone of the U.S. economy, so they don't want you to quit mid-stream. You can lose money in a home-based business year after year, but eventually, if you are trying hard enough, you will hit "pay dirt!"

To Get More Information on our Home Business Opportunity, please visit: www.AloeNaturalBeautyBusiness.com