By:Vincent Murphy Dreading April? If you are running a home business, it is important to remember that there are tax deductions for you when tax season rolls around. Of course, you do not want to try to fool the IRS (no one wants to run the risk of being audited!), but you do want to take advantage of those deductions that are rightfully yours. Running your own home business takes much of the same expenses, effort, time, space, equipment, and travel as any other business. Below are some home business tax deductions to remember as April is drawing near. If you have a home office that is dedicated solely to your home business, you can add it to your list of home business deductions. The same goes for telephone charges, office supplies, furniture, software, subscriptions, and other equipment. Do not fear an audit for making these home business tax deductions as long as these items are used exclusively for your home business. If your business requires you to leave your home office, you can add the cost of travel, mileage, meals, entertainment, and anything else that goes along with the cost of living on the road to your home business tax deductions. During the year, make sure you keep documentation of your mileage, your trips, food, etc. Now, what about the really big stuff? Well, when making home business tax deductions, you can also take into consideration insurance premiums (if you are self-employed and pay for your own insurance), the money you deduct for retirement, and half of what you pay towards your social security. And if your children are seventeen or younger and are working for you, you can deduct their salaries as business expenses. This is just a quick scan of the home business tax deductions you can take advantage of. For more information, check out www.bankrate.com, and talk to a tax professional. Article Source: http://www.dailynewarticles.com Vincent Murphy can help you to find the best home based business ideas and opportunities so you can work at home, visit: www.HomeGrail.com More Articles from Taxes Category: What Is A Standard Tax Deduction? What Is An LLC Tax Deduction? Decoding the IRS Dependent Rules! How Do I Know When to Claim a Dependent? Small Business Tax Deductions - Top 5 Tax Planning - What Filing Choices Are There? A Simple Introduction To Filing Electronic Taxes What Would It Mean To Pass The FairTax Plan? New Laws on Donating a Car Why Our Political Leaders Should Embrace the Fair Tax Plan. Income Tax Software - The Best Ones On The Market It's a Taxing Time of Year 1099-MISC Forms For Independent Contractors for 2005 Getting The Biggest Benefit From Tax Help Getting A Tax Break With Your Hybrid Vehicle Home Office Tax Expenses