How to Use Personal Tax Deductions to Finance a New Internet Home Based Business

Scraping up enough money to start your own business can be a challenge. By starting a internet home based business with the intention of making a profit and journalizing what you do each day you can start to deduct taxes even if you have not invested any money. Everyone would like to pay less taxes.

In Canada US ,UK, Australia etc We have two tax systems one for employees and another for people in business. The governments in these countries what to encourage us to start our own businesses so they have introduced ways for us to save personal taxes. We can write off part of our house expense our cars and transportation. Any costs to run and start our own companies. This can mean a saving from $3,000.00 to $5,000.00 or more for the average person per year. This is enough to start a home based business.

The other choice we have is to choose a business system complete with training when we get involved in a Network marketing company. Most network companies have a compensation plan that encourages us look for and enroll others in the business and sell products. Thus we leverage our own efforts. This what I call a peoples franchise. A franchise is a system of doing business. We do not have to do research or create products or carry inventory, hire and track people etc that is all done for us.

Even if we have no money to start the business if we commit 30 min to an hour per day and journalize our time we can start to take advantage of deducting a lot of our expenses. We can start to write off phone expenses, property taxes, car mileage, mini vacations, computer costs and many more expenses. Even if we don’t have the money to sign up to a network marketing company we can become a referral agent which I will talk about in future blogs.

By spending time each day promoting your business with free promotions on the internet and sharing with friends and people you meet in person or on the internet you can build a business starting from zero dollars. The best part is that the taxes you save from owning your own home based business will finance your new venture and in most cases put extra cash in you pocket rather than the tax man.

Contact me by email I’ll send you would like a list of tax deductions and tips you can use to start your home based business.