Tax deductions for business expenses arent just for large corporations. As an Internet marketer or online entrepreneur it is important to know what you can and cannot deduct to save money on your taxes.
People new to business taxes tend to fall into one of two groups. The first group are those people who simply dont believe they can be eligible for tax deductions. The second group are those who believe anything they touch while conducting business can be written off as a business expense. Both ideas will cost you money; the former in lost tax money, the latter in IRS fines.
In general, the kinds of things that can be deducted deal with the ongoing operation of your business: rental costs, utility expenses, and travel expenses. Not, for example, a new car. Items that add permanent value to your business (i.e. assets) are capitalized, not deducted. Interests on mortgages or repair of computer equipment (which maintain rather than appreciate your businesses value) are deductible expenses.
If you use your personal vehicle for your small business you may be able to deduct repair expenses. If you have a room in your home used strictly as a home office you can...
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