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If you’re in the United States, April 15th is a date synonymous with “tax time”. Those who anticipate a refund have usually filed their taxes well before this ominous deadline. Those who dread that they might have to pay often wait till the very last minute… I fell into the last group.

I wasn’t sure what to expect when filing my taxes this year since I started my home business last year. Filing with all this new home business information was uncharted territory for me. But, I kept careful records, printed every receipt, and filed everything away by date. My accountant was my hero today when she told me that not only did I not owe the IRS, but I actually got some money back! I was relieved beyond words!

She mentioned that what helped me today was my careful record keeping and her ability to itemize each deduction for my home business with everything I gave her. Knowing what kinds of records to keep for your business is the 1st important step. There are important things that you need to know when you have home business, like self employment tax and what qualifies as a “home office”. Keep careful, accurate records and take the time to find out what you need to know when you run your business out of your home so that you don’t end up paying for it in the end (literally).

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