Start An Online Business
Updating Your W4 - Increase Your Job Take Home Pay
(Average Result Will Increase Your Monthly Take Home Pay By $200-$500 Per Month
(If you own a home based business, you can add business expenses to the scenario below)
Tracking Income & Expenses with Wave For Free
When any regular expenses that are necessary to grow your business total less than Your Earnings
When any regular expenses that are necessary to grow your business total more than Your Earnings
What qualifies as a business expense?
A few examples for an online business could include fees necessary for:
- Monthly fees associated with your business such as membership fees for access to products and services
- marketing tools such as autoresponders,
- internet access
- online/offline advertising costs
- office supplies such as pens, pencils, paper, etc.
- A percentage of your rent or mortgage can be deducted if you have dedicated office space where you conduct business such as a home office space or room.
- Your phone bill
- gas for your vehicle and food when the purpose is for business activity such as attending an event, workshop dedicated to your business or even meeting up with a potential client
- Food, Airline Tickets, Hotel Rooms, etc. if you are travelling for business purposes such as attending a seminar, a training workshop or even hosting your own event.
These are just a few expenses that could be deducted from your tax bill if you are a business owner and working to grow your business. Percentages of all of these bills can qualify.
A good rule of thumb is that if you NEED it for your business then it is probably going to qualify but always check with a tax professional to be certain of the laws in your state and/or country.