Nutrimetics USA/Avalla

Nutrimetics USA/Avalla
Natural beauty, health and wellness direct selling company - 49 year industry leader and world's first botanicals

Tuesday, December 28, 2010

Year End Tax Planning - Small Business Tax Deductions

December is a great time to consider year end tax planning for your small business tax deductions can really help to offset the income tax you will owe when April rolls around. Some of these tax strategies can help you if you take the time to do a little tax planning before the end of December. Many people start a home based business for the benefits of the tax deductions that they offer and these will be available to you the following year as well although, if you need to make some adjustments to your income to reduce your tax burden in April take a look at some of these small business tax deductions now.

Small Business Tax Deductions:
If you haven't done so already, Join a direct selling company like Avalla in December to start your own home based business and the joining registration kit as well as any products you purchase for demonstration purposes are allowable income tax deductions as part of the supplies you need for your new business.

The computer you purchased this year can also be a tax deduction as well as any office supplies such as computer software, printer, fax machine, phone, ink, pens, envelopes, copy paper, card stock, cards, postage, notebooks, journals, calenders, stationary, etc. These are all allowable small business tax deductions that will really help
 to offset your income so that you owe less money on taxes in April!

Take advantage of the donations tax deduction by gathering any unused clothing, shoes, household items that you no longer use or need and receive a receipt for your donation as a tax strategy. Keep track of your donations by making a list of all items so that you take the appropriate amount as a tax deduction. Clothing should be listed in amounts that you would receive for the item if it were sold at a garage sale and not what you paid for it so just be aware of that important feature.

More tax strategies include taking a home office deduction if you use the office strictly for your home business and no personal use at all. If you have 5 rooms in your home, deduct one fifth of the cost of utilities for having a home office space because you have a home based business.

Be sure that you will work your home business at least 5 hours a month, plan to earn a profit and keep accurate records of all your business dealings. Those are the most important items in using small business tax deductions.

Use the tax deductible car donations feature if you have a vehicle that you can do without and benefit from this income tax donation. Make sure to get a receipt for your donation and keep all records in a secure tax file to stay organized with all your important paperwork.

Contribute any amount of money you can into an IRA or start one if you are able. This will greatly reduce the federal income taxes that you might owe in April.

By spending some time before the end of December on year end tax planning with these strategies, you can be well on your way to saving money on the amount of taxes you owe in April. To join Avalla and get started on a new home based business as well as take advantage of the income tax deductions, go to www.myavalla.com/us/pwp/cynthias1 and follow the online directions to register. I'll contact you to help you get started when you're ready and answer any questions you have so that you can take the full benefits of your business and these tax strategies.

How are you doing on your tax planning? Share any ideas or suggestions you have too. Make it a Happy New Year!

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