MaximumHeavyTraffic.com
Title
If you have recently started an Internet or home business, your probably a little intimidated by having to submit a tax return and the possibilities of being audited. Simply follow these guidelines and rest assured that filing your next tax return will go smoothly.Get yourself an accounting ledger bookletThe first thing that you need to do at the beginning of every year is purchase yourself a accounting ledger booklet. These can be found at your local office supply store and can be found for under $10. You can deduct your millage and the accounting legder also.Keep a millage tracking sheet in your carEach year I make myself a simple spreadsheet that I keep in the glove compartment of my car. Each time that I need to get office supplies, or I go to the post office to mail flyers, I write my beginning and ending millage down on the spreadsheet. At the end of the year, I just transfer the millage over to my accounting ledger.Keep track of your UtilitiesIf you have a room in your home that is used only for your internet business and nothing else, you will be able to deduct a portion of your utilities. I especially like this because I have to have these things anyway with or without the internet business and now they are tax deductible. Everything from gas, electricity, long distance and garbage pick-up are allowable deductions. Be sure that you keep your payment receipts in your accounting ledger.Other Business ExpensesYou will also be able to deduct any payments to your internet service provider. If you have a website you will be able to deduct your domain name and hosting plan expenses. Other deductable items could be anything you have purchased to maintain your business such as: fax machines, copy machines, scanners, ink cartridges, desks, chairs, phones, pencils, paper, etc.Advertising / Membership FeesIf you pay for advertising or your internet business has a membership fee, these expenses can be deducted also.Labor ExpensesMany home business owners pay members of their family to help with the home business. Be sure to keep track of the wages that were paid to employees or family members.Entertainment ExpensesI don't have too much to deduct in this category, but several times a year I will meet a potential client over dinner. Keep track of your dinner expenses, including tips...this is all deductable also.IncomeIn addition to all your deductable expenses, you will also need to keep track of any money that you make with your business. In clo ...
Description
Excerpted from the website description:
- own a turnkey franchise website that includes four of the hottest millionaire maker produces and services on the internet
Languages
English
Address
- 2-394 Muskoka Rd. #3 N
- Huntsville ON P1H 1C5 Canada
