There are so many great tax deductions available for small businesses and of course it’s hard to know them all when you first start a business. I know I missed many deductions on my first couple of tax returns.Do some research when you are starting your pet business and make sure you keep records of all your business expenses in a file.Many of your everyday expenses become tax deductible when you own a home business. Depending on the structure of your business these deductions can apply against your business and your personal income.Some examples of deductions that I will be claiming this year include:a) The Home-office deduction – you can claim a percentage of your home expenses if part of your home is used regularly as an office for business use. These expenses may include maintenance and repairs (that are not capital in nature), rent, mortgage interest, house or apartment insurance, power, heat, water, and property taxes.b) Vehicle expenses for business purposes. If you use your car 50 percent for business purposes, 50 percent of your car mileage, maintenance and repairs, vehicle insurance, gas and oil, car washes, license and registration, and auto club can be claimed. You will need… Read full this story
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