Tax time can be one of the most anticipated periods of the year. After the holidays have become a memory and before the fun of summer begins, we must devote several hours of our lives to completing this project. This can be especially challenging for the home based business owner. There are several deductions that are available for the work from home individual. These ideas can help reduce your tax burden.
1) Accountant Costs
If you use the services of an accountant, these costs are totally deductible for a work at home business.
2) Advertising Costs
Any amount of money that is spent to advertise an internet business is tax deductible. Business cards, flyers, newspaper ads, internet ads, etc.
3) Bank Fees
All of the bank costs incurred to run a home business are tax deductible.
4) Research And Training Materials
Any educational materials purchased to increase your expertise for developing, maintaining and improving a home based business are a tax deduction. This includes software and E-books.
5) Internet Service Provider
Keep a log of the business hours spent online and personal time on the internet. The business percentage can be taken as a tax deduction against ISP costs per month.
6) Web Hosting Fees
The monthly costs paid to a web host provider for managing an internet business site are deductible.
7) Long Distance Telephone Costs
Keep an accurate account of the amount of money spent for long distance phone calls that relate to a home business.
8) Office Equipment
Your computer, printer, fax machine, answering machine, scanner, furniture, remodeling, etc. are tax deductible when used for a home based business. Some people choose to depreciate the cost over several years or take the entire expense at one time. Your tax situation will determine the decision.
9) Shipping Costs
If you ship products, the amount of money spent for boxes, tape, packing peanuts, bubble wrap, etc. is tax deductible. If you use a personal car to transport packages to the post office, keep a log of the distance traveled.
10) Office Supplies
Paper, stationery, folders, pens, pencils, tape, envelopes, printer ink, address labels, post-its, postage stamps etc. that are used for the operation of a home business are a deduction.
11) Interest Expenses
All of the interest accumulated on credit cards for the development, maintenance and improvement of a home based business is a tax deduction. If you have any loans that were taken out to start a home business, this interest is also tax deductible.
12) Office Space
Rent, taxes, mortgage interest, utilities, phone etc are partly deductible. The area devoted to a home based enterprise must be used exclusively for business purposes and the deduction can only be a percentage of the total house costs based on the amount of space the home business uses. Using one room for an office and another room for packaging your products creates a tax deduction for both rooms.
This is not an all inclusive list of tax deductions for your home business. The IRS has a publication (IRS publication 587: Business Use Of Your Home) that clearly defines all of the allowances that you can take. The best approach for completing your tax return is keeping accurate records. The idea of sacrificing several hours of your time for calculating taxes is not very exciting. Unfortunately, it is a task that all of us must face. Good record keeping within the guidelines of these ideas will develop more time for yourself and less time for the IRS when you begin your return.
“The way to get ahead is to start now.”
Wells Continental Leyland, Maldon c 1979
Image by sludgegulper
At home in Wantz Road, Maldon, late 70s. WUR855J, the only Leyland in Albert Wells’ fleet. Behind is 3001UK, the ex-Don Everall Duple Continental bodied AEC Reliance which was in the fleet also for a long time. I can now place the redeveloped depot – somewhere around here which was originally the yard and garage of Hall & Son of Maldon, which Wells took over in the late 60s. The site of this photo today looks like this . The house on the left is identifiably still. Sash windows have been removed from the houses and a new estate laid out on the garage and hard standing area.
WUR was acquired when almost new from the strange Beachcomber Holidays Ltd concern which suddenly appeared , registered at an accountant’s office in New London Road, Chelmsford in 1971. The MD was a Trevor (or Terence, I forget) Beanland of Hull. Several second-hand vehicles were acquired, followed by the Duple bodied Leyland Leopard and one,possibly two 12m AEC Reliances. The firm went under shortly afterwards, possibly never having operated any holidays whatsoever. WUR857J spent weeks on end,when brand new, dumped in a public car park in Chelmsford in summer 1971 and Wells obviously snapped up 855 at a nice price. I never saw 856 being operated. (857 was in a white and orange livery) , but 856 eventually passed through the hands of Premier Travel.
Wells retired from business in the late 80s I think, and died in 1999, having operated an eclectic mix of vehicles, mainly lightweight, new and second-hand.
WUR855J was used in a pale yellow and white livery for a long time, later appearing in the firm’s Red and white, and seemed only to perform schools contracts even when new.
A known fleetlist of Beachcomber, during its Mayfly like existence will follow here…..
LHK390J Ford Transit
KNK363G Bedford VAL70 – Duple Northern
JUH376E Bedford VAM14 Duple
WUR855J Leyland Leopard – Duple 53 seater
WUR857J AEC Reliance 6U3ZR – Plaxton 50 seater
SKG709H Bedford VAL70- Plaxton, new to Cavalier, Sutton,later with Norfolk, Nayland
ATU55F Bedford VAL70 – Plaxton, new to Jackson of Altrincham.
(Bus Lists gives WUR856J identical to 857)
IF ANYONE HAS ANY MORE INFORMATION OR COMMENTS ABOUT WELLS COACHES OF MALDON / HATFIELD PEVEREL
OR BEACHCOMBER HOLIDAYS, I’D BE PLEASED TO READ IT . THANKS IN ADVANCE.