Wednesday, March 08, 2006

Did you know?

Did you know that there is practically an unending list of things that are tax deductible when you own your own business? I am learning new things every single day.

A good portion of my rent, phone, cell, internet and utility bills can be written off. Part of the "good portion" is because my place is so small and all of my business stuff is all over the place!!

I get to write off the cost of the swanky new color printer/fax/copier/scanner that I got for such a good deal at the warehouse store. Very cool!

I get to write off all of the expenses involved, including the purchase of things like stationary and shipping supplies.

Oh, and get this - I get to write off all of the things that I have to buy for my demos - so each thing out of the catalog, is eventually free to me, as a cost of doing business. Kind of scary when you think about it!

The best part? The retirement plan that I can now open. SEP-IRA. I am able to put away something like $40K a year if I wanted to. And, since it's my own business, the moola is tax sheltered, AND, I'm 100% vested at all times. Definitely going to have to look into that and get it started. Hey, even if I only put away five grand this year, that's a heck of a lot more progress than the 401(k) at my "real" jon that I've been chipping away at for the last several years.

Going to need to seriously look into that plan!