The first thing you need to do to save money is to keep accurate records of your inventory and other business records. Take time to describe your assets, and jot down how you bought your property. Take time to insert dates of services and placement as well as other details, since you will need these records come tax day to save money.
You have a tax cut on space in your home. A certain amount of area in your home is a write off. I think about 6′ by nine unless you have a larger home business.
You can save money on business expense. Keep all your records and receipts on paper you buy, computers you invest in, or any other business necessities you may. You can even write off printers, fax machines, computers, or other losses that apply to your business.
You can also receive child allowances. If you have children and work at home, you can receive up to $1500 back from the IRS. Learn how and talk with your tax accountancy to see if you are eligible.
When you travel for business jot down how much money you spend in gas. Write in wear and tear of your vehicle and meals. You can get money back from the IRS, providing your travel and meals are for business purposes only.
If you have a business computer do not use it for anything other than business. The IRS will pay you back 100% if you use the machine for business owner. Buy a personal home computer for game player, etc.
You can get money back for phone expenses, fax expenses, bank fees, and utilities and can get money back for paying your rent. If you pay rent, keep your receipts so that you get a couple hundred returns.
You can save money on entertainment. In addition, you can save money on listed property, intangible assets, depreciation items, repairs, home improvement, real property, computer software, and more.