To qualify for legitimate tax deductions for a home based business you first need to have a legitimate business. A hobby would not qualify unless you had a business plan that described how you planned to make money.Next your intention has to be to make a profit. Having a business just to get the tax deductions is a big mistake and should not be the reason for having a business.3rd you need to work the business on a regular and consistent basis even if you are only working it part-time while you holding down a 9 to 5 job. This could be as little as checking your emails in the morning before work and in the afternoon after work. Making some calls, checking bulletin boards at stores that have bullletin boards and make calls to new prospects and existing people in your business. Total time could be as little as 45 minutes total a day 4 to 5 times a week. Understanding how to do each activity can lead to big deductions.Last you need to keep records of your activities including a car log, a daily planner containing activies and planned activities.If you do these few things there is a… Read full this story
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