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 The Trick is to get yourself organized right from the beginning.  ( It can be as simple as just throwing everything into together into one box  .)

Keeping good records, verifying every entry is the key to successfully claiming all the home-based business deductions to which you are entitled. If you have recently started an Internet or home business, your probably a little intimidated by having to submit a tax return and the possibilities of being audited. Simply follow these guidelines and rest assured that filing your next tax return will go smoothly.

Get yourself an accounting ledger booklet. Better still open up an exce spreadsheet, simply label, expense or income.

Franchise Expenses:
Be sure to claim your affiliate monthly fee.

Business Supplies:
Be sure to save all receipts for any supplies you purchase for your business use. Business cards, paper, pens, ink cartridges, staples, any item you purchase and use for your business. 

Advertising:
Advertising is a business expense and in most cases can be written off. Make sure you have all receipts. No receipt than you cannot claim it.

Phone Bills And Internet Access:
These items are business expenses, make sure that you save your monthly  bill. You  may only be allowed to deduct a portion of it. 

Home Office:
If you have an office in your home, make sure to let your tax advisor know. Using a room in your home as an office can also be  added on taxes. Check with your tax advisor as to the best way to calculate this business expense with mortgage, interest, property taxes and insurance. 

Long Distance Calls:
If you make any long distance calls that are related to your business, make sure you keep all phone bills showing the calls and the amounts charged. If these calls are related to your work, the cost of the calls may also be written off in most cases.

Postage:
All postage costs paid by you or shipping fees may be claimed.  Keep receipts for all shipping supplies, and postage.

Computers:
 You may need you tax advisor to help you calculate  your depreciation on the cost of your business computer.  

Labor Expenses:
Any reasonable payments made to your spouse, kids or others who  completed a task are all deductible expenses.

Utilities:
If you have a room in your home that is used only for your internet business and nothing else, you will be able to deduct a portion of your utilities. I especially like this because I have to have these things anyway with or without the internet business and now they are tax deductible. Everything from gas, electricity, long distance and garbage pick-up are allowable deductions. Be sure that you keep your payment receipts in your accounting ledger or spreadsheet.

Car Expenses:
Each year I make myself a simple spreadsheet that I keep in the glove compartment of my car. Each time that I need to get office supplies, or I go to the post office to mail flyers, I write my beginning and ending mileage down on the spreadsheet. At the end of the year, I just transfer the mileage over to my accounting ledger. Keep all receipts for gas, oil, maintenance, insurance and interest on car-financing costs. Check with your accountant as to what  percentage you should claim for as a business expense.

Entertainment Expenses:
I don’t have too much to deduct in this category, but several times a year I will meet a potential client over dinner. Keep  track of your dinner expenses, including tips…this is all deductible also.

Education:
Keep all receipts If you attend any seminar, conference, convention or trade shows such Internet or MLM Marketing or managing your home biz. Don’t forget to include any parking costs. Costs of trade magazines, journals, web subscriptions and software.

Income:
In addition to all your deductible expenses, you will also  need to keep track of any money that you make with your business.

Travel:
The percentage and eligibility of deduction depends on whether your trip was deemed to be business-related exclusively (100 per cent) or partially (50 per cent). Best to keep receipts and discuss with tax advisor.

In closing, keep good records, verify everything with copies of all bills, paystubs, a mileage log for the vehicle, etc. If you are ever audited, you will have your information organized and ready. Total up each category at the end of the year and take the entire booklet or excel sheet into your tax preparer.

If you are at the point of looking to  start  a home business,  than I would only have one suggestion. Not only is this the most lucrative business on the planet, this is the best group that you could join with.  The company is Amega Global and the team is the Polaris Group