2. Tax benefits: Listed below are several tax benefits available to home based businesses. Each one should be reviewed and explained further with a tax professional.
- You can claim a home-office deduction.
- Office supplies.
- Software and subscriptions.
- Other Equipment.
- Telephone charges.
- Insurance premiums.
- Utility charges.
- Travel, meals, entertainment and gifts.
Look up each of the above on a Schedule C Tax Form and see how muck you can be saving on running your woodworking business from home.
**This post provides general information about tax laws and consequences, but shouldn’t be relied upon as tax or legal advice applicable to particular transactions or circumstances. Consult a tax professional for such advice