Tax Benefits

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This is about the fact that anyone running a legitimate home based business THOUSANDS of dollars in tax breaks that you can take advantage of, allowing you to pay less in taxes out of each paycheck, and allowing you to take home potentially hundreds of dollars in additional income each month, from the work that you are already doing.

In the words of the Best Selling Author Robert Allen (successful promoter of the "Multiple Streams of Income" concept):

Wouldn’t it be nice to have that Extra in your pocket instead of giving it away?

OK, you see the value behind this largely un-leveraged benefit of running your own home-based business.

• You could have our company Tax saving system working for you!
• Keep good records!
• Operate your business on a consistent basis and have intent to make a profit.

So, you want to take advantage of these amazing Tax Advantages?

There are many different tax benefits for a home business. In fact, when you earn income working out of your home, you suddenly can view most expenditures as potentially deductible on your tax form. Even expenses which are part personal and part business can be separated and the business portion deducted.

The Home Office

Having a home office creates many opportunities for taking ordinary living expenses and using them to reduce the taxes you would owe otherwise. For example, one of the best tax benefits for a home business is the home office tax deduction. If you earn income working out of one of the rooms in your house, you can take several deductions related to that room based on a square footage calculation.

• Mortgage
• Interest
• Real estate taxes
• Electric and water
• Office expenses
• Telephone
• Insurance

Business use of your Vehicle By leveraging just this one deduction you could be able to increase your monthly take home income by hundreds per month! You will want to leverage this deduction, at the very least!

Marketing tools and office supplies Pretty much everything you need to run your home office to properly build your business is now tax deductible.

Portions of your rent, mortgage, home-maintenance and repairs Write off the portion of your home that is regularly used for business purposes.

Write off a portion of your utilities A portion of your gas, electric, water, sewer, garbage and other utilities can be a tax deductible business expense.

Mobile phones, office phone and internet service Write off the business use portion of your home and/or mobile phone, as well as your internet service. Or, you could always just get a second line specifically for your business.

Gifts, meals, recreation and entertainment expenses Turn your next lunch or dinner at your favorite restaurant, golf game or other sporting event into a tax deductible business expense.

Non-reimbursed medical and health care expenses Anything your employer does not cover could be covered by your home-based business.

Computers, furniture, furnishings, and other office equipment Desks, chairs, copy machine, fax machines, laptops, printers are all tax deductible business expenses.

Business travels that may include a family vacation Go on a business trip and stay a few extra days and relax with your spouse and the rest of the family.

Meetings and conventions These can be local, out of state, or in another country as long as they are ordinary and necessary for your business.

In order to get these tax benefits, you have to be able to prove to the CCRA that you are earning the income you have reported through regular use of the room. You can't claim a deduction for a home office anymore just because you are self-employed. But if you have a proven home business, then suddenly you can deduct a portion of your normal living expenses as a business tax deduction.

Outside the Home

Of course, there are other tax benefits than those just tied to the office itself. With a home business you can deduct many other expenses which will lower your taxes. These expenses include travel, meals with clients, product inventory costs and auto expenses to name a few.

In addition, you can get many tax benefits from a home business through self employed retirement plans. You government wants to encourage everyone to plan for retirement and as a result created the RRSP.

The RRSP has its own allowable contribution amount and a specific timeframe when the contribution must be made. This is where the services of a financial advisor can be invaluable. An advisor understands the rules attached to the plans, but even more importantly, can anticipate future tax impact based on your retirement plan choice.

When you work out of your home, there are many tax benefits for a home business. You virtually turn a portion of your ordinary living expenses into deductible business expenses in addition to taking other expense deductions. You have the advantage of pursuing your personal work goals while also preparing for retirement and minimizing taxes owed.

• Fill out the Next Step form and I will provide you with additional information about the opportunity that is truly shaping my life and allowing me the freedom to live out my dreams without all of the headaches and costs of traditional business

Success in business and in life is up to YOU… Take a chance. Make it happen.

Please feel free to contact me anytime. My team and I are here to assist you in any way we can with your Business Decision!

To Your Abundant Success and Happiness!

Best regards,

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