You may be surprised at the amount of daily items that can be deducted as a business expense once you have a business in your home. The usually business expenses are the obvious deductions but even some household expenses can be deductions. You should always check with your tax preparer to be certain of the laws in your state but in this article I have mentioned many of the deductions that are legal in most areas.
The most obvious deductions are business expenses. Anything related to your business, if you have a business portfolio, introductory product pack, or monthly product purchase these are all tax deductions. Only the purchases that are required in order to get paid qualify for deduction in most states. If you have an office area in your home you can deduct internet and phone if they are needed for your business, part of the expenses of your rent (mortgage is figured elsewhere), part of your power, water, sewer, garbage & etc. as business expenses. In most states you can also deduct your insurance as long as your office is in your home. Home repair bills and the cost of a cleaning service are also deductions.
Included with business expenses would be anything to do with advertising such as business cards, t-shirts, ads, fliers, literature and anything else you may use for advertising. Training items for you are also a deduction; books, CDs, seminars and reports etc. Be sure to save receipts to prove your expenses here! You can also deduct things that your kids might help with if you pay them by check and keep records, you can deduct landscaping, maintenance such as taking out the garbage, computer work, cleaning, stuffing envelopes and any other business related expenses. Remember to keep receipts for all office supplies such as paper, pens, printer ink, office furniture, cell phone (if you use it for business), postage, extra email accounts, web hosting, computer etc.
Any business related travel or any travel in which you conduct some business can be a deduction. Plan ahead to make all travel business related. Even if you stay with family you can give them a gift of products or even money and this can be a tax deduction as long as it does not exceed the going rate for hotels in the area. Business meals are good deductions, if you meet a prospective client for a meal or coffee, or if you meet with your business partners to discuss business. Mileage is another great deduction, the IRS has mileage rates that they allow, mileage to and from meetings and trainings, and for advertising, are deductible. You do need to keep a log to prove this, but it does not have to be fancy. Just a small note book that you can make a note in each time you drive is good enough and will save you quite a bit of money for a little effort.
If you are doing pretty well and are looking for other things to count as deductions on your taxes you may want to consider 401Ks, college tuition, car lease options, charitable donations, and education savings accounts for children/grandchildren. There are many ways that you can save on taxes and you will want to use only the ones that are legal in your area and benefit you the most.
Maybe now you are thinking about the major things that you might consider as a deduction. Please do not use this as your sole guide. Your tax preparer and local laws should be the final deciding factor on deductions for your home business. Hopefully this has opened your eyes to the potential for deductions and you will be able to ask the right questions and provide the proper information to get the maximum deductions you deserve. If you plan ahead many of your everyday expenses can be a tax deduction when you have a business in your home. Record keeping is very important when you are documenting tax deductions. You don’t want to be caught with no records!
Broughty Castle, Dundee, Scotland
Image by conner395
The view from the beach
I was brought up nearby to Broughty Ferry, and was always aware of its fairly wee but very imposing Castle. Yet I had never really paid it any great attention until last week, when making a brief nostalgic detour into the area, in order to show my 8 year old grandson the places I used to frequent when I was his age before moving to Inverness (50 years ago!) and where his mum and her sisters used to play when we visited my cousin (who lived right opposite the Castle then) on family holidays.
Perhaps it was the unseasonably gorgeous weather, or the fact that we had a wee while free time, or the fact that for the first time in that area I had cameras with me, I do not know – but I have never seen the Castle looking so photogenic! I must also admit that I went inside, for the first time ever – it is maintained by Historic Scotland and the museum within is run by Dundee City council. Admission is FREE! It is well worth a visit, but the spiral staircase is hard work!
Broughty Ferry (Gaelic: Bruach Tatha, Scots: Brochtie) is a suburb on the eastern side of the City of Dundee, on the shore of the Firth of Tay in eastern Scotland. "The Ferry" was formerly an independent burgh from 1864 until it was absorbed into the Royal Burgh of Dundee in 1913.
Indeed the Burgh’s small police force (prior to absorption into Dundee City Police) had Broughty Castle as the centrepiece of its cap badge.
Broughty Ferry became a popular suburb of Dundee when the Jute barons (jute being big business in Dundee) in the 19th Century) built their mansions there, and the mill workers made great use of the sandy beaches which run from the Castle right down to Monifieth (my former home town) and beyond.
Broughty Castle was built in 1496, on the site of earlier fortifications, and provided an ideal location to watch over the Firth of Tay at its brief narrowing before it widens out again on the approach to Dundee, which was ever a strategic port.
In 1846 the castle was bought by the Edinburgh and Northern Railway Company in order to build an adjacent harbour for their railway ferry (before being rendered obsolete by the building of the Tay Bridge a few miles upstream).
In 1855 the castle was acquired by the War Office with the intention of using it to defend the harbour from the Russians. In 1860 renewed fears of a French invasion led the War Office to rebuild and fortify the site. The walls of the main courtyard were rebuilt and new wing and courtyard were added to the tower. A caponier was added along the south-east side of the courtyard. Emplacements for nine large guns were also constructed. A small enclosure on the west side of the courtyard was also built.
From 1886 to 1887 a range was built to house submarine miners to the east of the castle. In an emergency these would lay mines in the Tay Estuary to damage enemy shipping. In 1889–1891 a magazine was built within the western enclosure which also led to a major remodelling of the gun emplacements. The castle remained in military use until 1932, and again between 1939 and 1949. The last defence-related alteration was made in the Second World War when a defence post was built within the top of the main tower. In 1969 the castle opened as a museum
Visitors to the Castle can climb up the spiral staircases to the Observation Post, where binoculars are provided – well worth the climb, I can assure you! The views up and down the Tay, and over Fife, are magnificent – albeit the very weathered glazing prevents decent photographs from up there. As Arnie said “I’ll be back!”