Tax Tips You Can Bank On
by Linda Overstreet
The chance of being audited by the IRS is only one-half of
one percent, and taking advantage of the full range of
home-business deductions should not increase your odds.
If you have a fulltime job in addition to having a home-based
business, your deductions may exceed your home-business income
by thousands of dollars. That means that your home-business
would report a 'net loss' for the year.
That's perfectly legal!
But, if your tax return turns out to be the 1-in-200 selected
for an audit, make sure you're prepared. You do not have to
produce a profit in order to qualify for thousands of dollars
worth of home-business tax deductions, but you DO have to be
able to prove that you are TRYING to make a profit.
The IRS calls this 'proving your profit motive' or 'profit
intent,' and the very best way to do that is to have a written
Business Plan.
If you're like most people who have a home-based business,
you've never written a business plan before. But without one,
it may be hard to convince the IRS that you have a legitimate
Business (not a hobby!) and that your intent is to produce a
Profit (not just tax-deductions!).
It's not too late to write one that would give you full 'audit
protection' for the entire tax-year 2001, because the date you
put on the cover of your Business Plan is the date you started
your business, not necessarily the date you wrote your Plan.
Since having a Business Plan is worth thousands of dollars to
you, I don't want you to put off writing it, so I've made it
easy for you...
If you've never written a real Business Plan, you might want to
use the fill-in-the-blanks draft included in the Appendix section
of 'It's How Much You KEEP, That Counts! Not how much you Make.'
If you use that draft as your guide, and if you cover all the
categories presented in that draft, you'll have a plan that meets
IRS requirements for proving your 'profit intent.'
That 'intent' can be worth thousands of dollars in tax deductions,
year after year.
CLICK
HERE NOW!
Remember... 'It's How Much You KEEP, That Counts! Not how much
you Make.'
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* Article by Linda Overstreet. Linda's site has helped 1000's of regular folks profit online. Visit http://www.wealthhere.com for FREE "how-to" assistance, software, manuals, web services and more.*
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