I finally got my taxes filed. The good news is that I did some things right and am getting a decent refund instead of paying in.
- I kept track of all my business related spending.
- I kept track of all miles driven in business related activities.
- I devoted enough hours per week to my business.
- I spent enough on business related items.
In the past, I had really cheated myself in several areas by not tracking all my spending, and by not spending enough money. Keeping a log on my laptop helped more than you can imagine, since I always have my laptop with me and can enter expenses right away.
Of course, it helps that I am full-time employed. I claim zero deductions through the year to offset some of the taxes I might owe at the end of the year. I am hoping that soon, though, I can go full-time at home. My vehicle will be paid off soon, and after some minor tune up work, it should last me quite awhile longer. That monthly expense will be behind me, freeing up some money.
I will be devoting more hours per week to developing my home business, and in the process, weaning myself away from the job. Since I don't have the kind of job that would require me to move across the country at a moment's notice, I really wouldn't be able to take a deduction for long distance movers or other expenses incurred. However, I can take some travel expenses as long as I am in the process of doing business while traveling. The fact of the matter is that I plan to do a lot more of that this summer, and posting to my blogs along the way.
In addition, I will be searching for items of interest that I can use on my eBay page. So, be looking for some new things as the season goes along!
