Start An Online Business

What You Need To Know About Your Home 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

Capital Gain:

When any regular expenses that are necessary to grow your business total less than Your Earnings


Capital Loss:

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
  • websites
  • online/offline advertising costs
  • computers
  • 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.