Cheaper Gas Is A Reality For Home Based Businesses

August 4, 2008

Mount Juliet, TN (PRnine – August 4, 2008) – Nancy Pelosi may be blocking the Republicans from voting on off-shore drilling, but that doesn’t mean Americans have to be subjected to the high price of gas. Congress has already enacted a battery of tax incentives for home based business owners that reduce the price just under $.50 cents per gallon.

No longer does owning a home-based business mean Tupperware parties, cold calls, or evening presentations. Dan Morris, Manager of Home Business Info, a non-profit training people how to turn ordinary activities that you enjoy, like golf, eating out and travel, into legitimate business expenses. Activities able to be written off as business related expenses merely must pass a 4 part IRS test. Are the activities ordinary, necessary, reasonable and linked to profit? The IRS requires that home-based businesses, if audited, be able to show this link and other evidence that proves the business’s intent to profit.

With gas prices as high as they are, Morris is encouraging everyone to start a business based on the things they love to do most. “Most activities involve travel to and fro. If the activity is business related, that mileage becomes a business expense. Even after most start-up costs, the tax incentives offered will put money into your pocket at the end of the year”. Let’s say you are able to claim 7,000 driving miles as a business expense. A car that gets 20 mpg would cost you $1,312 (at $3.75/gallon) at the pump or $.19 cents per mile. After driving, the government allows you to deduct $.585 cents per mile from your taxes. You don’t get to keep all of that $.585 cents but folks in the 30% tax bracket get to keep $.17 cents of it. That means that while you spent the year paying $.19 cents per mile, the government is going to give you back $.17 cents – taking the cost of gas to $.02 cents per mile. That means gas costs you less that $.50/gallon. Motivated yet?

Owning a Home Based Business is extremely easy to start and maintain. If it involves something you love to do, it can also be extremely lucrative and fun. If you’re going to play golf anyway, why not make it a business expense? For more information on this press release, call Dan Morris at 615-804-2846; or visit the home business he manages for his family at http://www.clippershiptravel.com.

About Home Business Info: Home Business Info is a phone consultation organization intending to help the truly interested find a business they can do, maintain and profit.

Keywords: Home-based business, gas price relief, congress gas prices, business tax deductions

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Media Contact Information:
Home Business Info
Daniel Morris
clippershiptravel@hotmail.com
http://www.clippershiptravel.com

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