When it comes to a home based business, there are always some tax advantages to working from home. And since most affiliate marketing companies don’t take out any taxes when they pay you, you have to get somewhat creative when coming up with deductions or else you could be stuck with a hefty tax bill at the end of the year.
Be sure to keep receipts for everything! Whether it is an email receipt or a physical receipt that you print out, make sure you have a good paper trail to back up all of your claims. There is a huge list of things that you can deduct, so make sure you are keeping a checklist. Here are just a few of the items in your home office setup that you can check off the list:
- Your phone or cable connection
- Your ISP
- Everything you pay for online
- Website expenses
- Every site you pay a fee
And many more… Consult your tax adviser for specifics and for a more detailed list. Just think of all the money you are spending to get started as an investment in your business!
This article also has a more detailed list: Tax Savings from Your Website!