For most business owners, tax deductions may be the key that can help put a little extra cash in their pockets. Tax deductions vary from company to company, but it’s worth your time to familiarize yourself with some of these common tax deductions.

First, determine if you qualify for a home business tax deduction. A home office is generally defined as a place to meet with clients, patients or clients. Or if this part of the house is used exclusively for commercial purposes. Most people generally have an image that comes to mind when you hear the word “office”. In fact, tax credits can be applied to a variety of places. Your home office can be a garage, basement or studio. If you qualify as a home business is crucial for maintaining all records, receipts and documents that have accumulated over the years.

Make tax time a much less stressful experience for the home entrepreneur. Do not forget the little things. This can be as simple as keeping receipts when purchasing paper, staples, or toner. Any item that is purchased for your home business is often regarded as a tax deduction. (more…)

Own residential rental properties? This article discusses how income from those properties impacts your taxes.

What Constitutes Revenue?

Generally, rental income is defined as any revenue you receive from the occupancy or use of residential property. Rent, obviously, is included in that revenue. Many owners are surprised to learn revenue also includes rent advancements, expenses paid by a tenant and any security deposits not returned to the tenant. In fact, revenue can also include amounts paid to cancel a lease, even if you had to sue the defendant to get it.
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