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Save on your taxes

save on your taxes

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Save on your taxes

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  1. SAVE ON YOUR TAXES Deductions you can legally take with a home-based business.

  2. Most people can save between $2,000 - $5,000 (or sometimes more) on their taxes each year just by having a home-based business.

  3. HOW TO SAVE • Keep a separate business checking and business credit and/or debit card and only use them for business expenses. • Use the USANA Tax Tracker (part of the Income Maximizer!), QuickBooks, or a bookkeeper. • Always track the who, what, where, why, when and how much of your business expenses. • No receipt needed if expense is under $50.

  4. EXPENSES YOU CAN DEDUCT • Portion of your rent or mortgage • Car expenses (repairs, gas, mileage) • Portion of home utilities • Cell phone • Travel (airfare, hotel, meals) • Entertainment (meals, shows, activities, supplies for parties)

  5. DEDUCTIBLE EXPENSES, CONT’D • Personal grooming (blow outs, nails, etc.) • Event space rental • Office supplies • Web services • Graphics services • Education and books • Marketing (networking, events, seminars, etc.)

  6. DEDUCTIBLE EXPENSES, CONT’D • Professional services: accountant, bookkeeper, lawyer • Your USANA enrollment package • Samples • Health and business magazine subscriptions

  7. WORDS TO THE WISE • Work with an accountant who understands business and ideally who has his/her own business, ideally home-based and works with other home-based businesses. • Be sure to check the most current tax laws with your accountant. • It’s our legal duty to pay as little tax legally as possible – that’s how the government is set up and it’s what they want us to do.

  8. TAKE ACTION NOW • Choose a tax tracking system that you’ll use: a spreadsheet, QuickBooks, the USANA Tax Tracker, or hire a bookkeeper • Get a separate business checking and business credit card if you haven’t already • Go through last month’s checking account statement and credit card statement and highlight all of your potential deductions to start familiarizing yourself with them • Read Save On Your Taxes Big Time by Sandy Botkin

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