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Here's how to reduce your home business' tax and get some money back!

by , 04 August 2014
It's difficult to start a home business because those start-up costs can really hit you hard. But you know what they say; you have to spend money to make money right. Wrong!

Yes, you will have to spend the money at first, but then you can actually get it back. How?

By deducting them off your business taxes you can actually get that money back and you may even get a refund from SARS with the right deduction.

Here are a few very handy deductions you should use to get your home business up and running without the dread of all those expenses...

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Legally pay less tax

Claim these tax deductions to help reduce the expenses of starting a home business

There's a lot you have to buy and pay for when you start your home business. Luckily you can claim deductions on most of these. According to Entrepreneur.com, you can claim deductions on all of these: 
Travel expenses ;
Business cards and stationery; 
Business meals and entertainment expenses;
Business travel;
Education expenses; 
Interest payments on business credit cards;
Internet expenses;
Office furniture;
Office supplies;
Phones and communication;
Postage and overnight delivery;
Publication costs and subscriptions or memberships;
Professional services and consultants;
Rent of your business premises and outside storage for business items;
Utility expenses.
All of these are common business expenses. By deducting them from your tax bill you can recuperate most of these expenses.
Just remember to keep every record of these expenses so you can prove that you actually qualify for them. 
If you try claim any of these deductions and you don't qualify for them, you'll face serious penalties that'll cost you much more!
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