Business Tax Breaks for at Home & Small Business 2011, 2012

There are many deductions available for at home businesses and small businesses. It is very important to keep accurate records of all of your business expenses. This will allow you to claim more business tax deductions on your annual tax return.

Sometimes home based business owners fail to claim tax breaks for home based businesses because they're afraid of an audit. If you understand the rules for tax deductions for home based businesses, then you'll be just fine. You can use the help from an online tax preparation company, such as TurboTax, and use their support tab to research tax breaks for home based business. You will be surprised how long the list is for what items can legally be tax deductible.

Here is a quick list of possible home and small business tax breaks:

• Office Supplies

• Office Furniture

• Software Purchases

• Mileage Reimbursement (50.5 cents per mile)

• Vehicle Expense

• Travel & Meals

• Insurance Premiums

• Telephone & Internet

If you currently maintain a home office, then you can even deduct the amount of space used in your home to operate that office. You can deduct a percentage of your rent or mortgage as well as utilities for that space.

Tips to Remember For Tax Breaks For Home & Small Businesses

• You can either deduct your total mileage or your vehicle operating expenses.

• 100% of travel expenses are deductible except for meals. Only a 50% deduction is allowed for meals while traveling

• You can take a 100% deduction all at once for office furniture or take a deduction on the depreciation for up to five years.

• You should have a second phone line installed to deduct a 100% of business related telephone expenses.

• Magazine subscriptions are deductible as long as they are related to your industry.

We suggest using online tax preparation software such as TurboTax to help you get the most business related tax deductions possible. Using online software can help you avoid making costly errors when filing your business return and lower the chance of a possible audit.

Visit TurboTax Online to take advantage of their biggest refund guarantee. TurboTax Online offers business owners step by step instructions when filing your return.