Why start your own part-time small business?

1. Earn extra income
2. Enjoy tax advantages that running a small business can provide.
3. Turn your hobby into a money making venture.
4. Maybe become self-employed or even financially independent.

Top Five Home Business Tax Strategies

1. Home Office Deduction
2. Automobile Expenses
3. Computer and Internet deductions.
4. Travel Expenses (Combine business and personal trips)
5. Business Meals and Entertainment

Tax Strategy #17 - Make your credit card interest deductible.

This is a great strategy if you have existing credit card debt, but it can be tricky, so follow the instructions carefully.

Start a small business. Find a low interest credit card, a personal account will be fine. This will be only used for business related expenses. Never use this card to pay for anything you don't have cash to buy. Now when you need something for your business take the cash that you were going to use to buy it and instead pay it on your existing non-deductible credit card bill. Then use the new business card to pay for the business expense.

In effect you have moved your non-deductible personal debt into a deductible business expense. All interest you pay on the new card is tax deductible.

You can easily create $10,000 in deductions next year by starting your own small/home business.

Business Ideas

 

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