Promising Small Business

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    Items That A Home Based Life Coach Can Deduct At Tax Time

    Below are 19 common deductions for someone working from home (as over 90% of coaches do).

    Working from home has many advantages. For one you are able to organizing and arrange your time based on what works best for you and your family. If you work best in the morning then you are able to schedule your most important calls and computer work then, observing a more relaxed schedule in the afternoons.

    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.)

    As a coach working from home, what can I deduct?

    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.)

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    Saving Money on Your Phone Bills

    There are many ways to cut the amount of money you spend on your phone bills. With our business and personal lives becoming ever more fast-paced, a great many of us are spending more and more time on our phones. However, the advancement in technology doesn’t necessarily mean you have to spend more on your phone bills – instead, it could actually save you money.

    When you are at home, using online phone services such as Skype can be hugely beneficial. Many of these are free and you will be able to not only make free calls, but also potentially have free video calls, a far less impersonal source of communication than the phone can be.

    Next, try getting rid of the landline. Many people spend huge amounts on a landline they rarely use. Mobile internet or external hubs can be far cheaper than line rental and many will find that mobile phones can offer the majority of the internet access they need. With tablets becoming more and more advanced all the time, these may also very soon replace the need for home broadband via telephone lines.

    SIM free phones can also help. Whether you choose a SIM free iPhone or any of the many androids available without ties to a specific network, the ability to use SIM free phones to let you change service provider as and when you want to could well see you saving a great deal of money as you will always be able to ensure you can get the very best deal.

    From using a SIM free iPhone to simply negotiating the tariff you have with the network providing your contract, there are many ways to save a great deal of money. You don’t have to use your phone less to cut your costs – you simply need to know the best way to use them.

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