Many of you are lucky enough to know Bart Dangerfield as that ever helpful voice from our webinars. To offer even more to our GDI users, Bart was kind enough to share his tax tips.
As April 15th approaches here in the United States, most Americans’ thoughts turn to spring and TAXES! Yes, it’s the time of year everyone dreads. But owning your own business can take some of the sting out of tax time.
You might be thinking, “But I don’t own a business! I just pay $10 a month to enjoy GDI’s great domain products.” Don’t be fooled. If you can earn money with it, it’s a business. Even if you just consider yourself a casual or even “unsuccessful” GDI Affiliate, you are still entitled to some tax breaks for owning your own business.
The United States is not the only country that uses tax breaks to help stimulate their economy by rewarding entrepreneurial efforts. However, for the purposes of this article, let’s take a quick look at just some of the possible deductions the U.S. allows for people like you to benefit at tax time:
- Home office
- Office supplies
- Your Computer and other equipment
- Software and subscriptions
- Mileage for your vehicle
- Travel, meals, entertainment and gifts
- Telephone and other utilities (especially your Internet charges)
Of course, this is not intended to be a comprehensive overview of how to prepare your taxes this year. Go to www.irs.gov for detailed information regarding your specific financial situation and deductions that might apply to you. Global Domains International provides this information for your convenience, and not as a guideline. As always, consult a tax professional or financial advisor when considering your options. But at the same time, make sure you get ALL the benefits that are available to anyone who runs their own business, even if it does only cost you $10 a month!