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 Did you know that, with Global Domains International, or GDI, you can secure your internet address for life, enjoy up to ten email addresses with each domain, create a website just like this one, blog, build your brand, and promote multiple online businesses and work toward the development of an unlimited residual income?  Just click on the "Global Domains International" banner below to learn more:

 

                       

 

 

The Three Steps to Unlimited Residual Income  

 

Tax Advantages

There are tax advantages associated with running your own home-based business.  What follows are some of the general tax provisions that will apply in many, if not most, jurisdictions.  Naturally, you will want to consult with an accountant for the specific deductions from income that may be available to you in your own area.  The information on this page is provided as a general guideline only and should not be relied upon as tax advice.  Again, you need to obtain specific advice from a professional qualified to render such advice in your particular area.

1.  Office Space - you may be able deduct from other income the cost of the amount of floor space you use with your business.  In other words, if your home office constitutes 10% of the total floor space of your home, you may be able to deduct 10% of the interest paid on your mortgage or 10% of the rent if you do not own your home.  Similarly, you may be able to deduct 10% of your monthly utilities expense.  For example, you may be able to deduct 10% of your electric bill, your water & sewage, fuel oil. 

2.  Office Expenses - you may also be able to deduct from other income the annual depreciation on such items as your computer, printer, office furniture and other equipment.  You may also be able to deduct from other income expenses such as office supplies, paper, printer cartridges well as  professional fees paid to accountants for example.

The ability to deduct expenses associated with a business can be extremely helpful to someone starting out.  The deductibility of allowable expenses makes the 'after-tax' cost of doing business less that it otherwise would be.  This feature has an impact on cash flows in the early years of operating a business and should not be overlooked.

 

 

 

 

 

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