19 Items You Can Deduct as a Home Based Life Coach
Posted: Wednesday, June 09, 2010
by Mackenzie Pearce
Coaching Academy of North America inc.
Below are 19 common deductions for someone working from home (as over 90% of coaches do).
Have fun and enjoy spending your income on deductible related expenses. I like to spend my money on coaching and life improvement or success books, and on coach training materials or programs.
Keep track of your receipts and easily enter the numbers into your accounting books. After you have entered it in, mark the receipt as "entered" and store it in an appropriately labeled envelope. ("June Outgoing" for example.)
1. A portion of air conditioning, electricity, heat, and water.
2. A portion of your house insurance or renters insurance.
3. A portion of your rent or mortgage can be deductible if you have a space that is dedicated to the use of your home office.
4. Bank account, check cashing and check replacement fees.
5. Books related to coaching, life change, marketing, business, taxes, bookkeeping, success, self help, weight loss, health, psychology.
6. Cleaning supplies. This includes waste baskets, cloths, and floor cleaners etc.
7. Computer parts/ supplies.
8. Salaries: general employees, assistants, secretaries, receptionists, accountants, bookkeepers.
9. Interest on any business related borrowing you did, though for a home coaching business it is rarely necessary to borrow to start your business. This would include credit card interest as well.
10. Internet.
11. Mail related items: stamps, envelopes, gas used to mail the letter.
12. Maintenance and repairs including waste and snow removal.
13. Office furniture.
14. Office supplies.
15. Phone.
16. Printer parts/ supplies.
17. Security system.
18. Software.
19. Training. (Coaching or business related.)
http://www.BecomeACoachTrainer.com
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Top-level comments on this article: (2 total)great tips! Who knew cleaning supplies were tax deductible for home based coaching? Love it lol
I think if everybody knew this information, there'd be a lot more people working for themselves, which I think would make the world a better place!
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