If you are a self-employed person or a home based business owner you may already have some knowledge of the incredible tax savings which are available. Fact is; the tax savings alone make owning at least a part time home based business and absolute no-brainer.

Trust me; the tax man is not interested in telling you all the perfectly legal tax deductions which are readily available. They leave that up to you to educate yourself, and even educate the person you use to prepare your taxes.

The need to educate your tax preparer may seem a little strange but there are some good reasons for it.

First of all – there are well over 200 legal deductions for people with home based businesses. You tax preparer likely has a terrible time trying to keep up with the tax code which looks as thick as an encyclopedia.

The next reason has to do with your tax preparer's name going on the tax return. The LAST thing they want to have happen is for the tax return to be called into question by 'The Man'. If that happened they may need to make good on the difference, etc.

The end result is, you can bet your bottom dollar that they will be 'conservative' in the deductions they recommend you take. This can easily cost you thousands of dollars in extra money every year that otherwise should be in your pocket.

If you learn the legal tax deductions and spend the two minutes daily it takes to keep proper records you will be 'audit proof'. Audits are not be feared if your records are in order!

This article is not intended to replace a competent tax expert's advice nor is it legal advice. This article's purpose is two-fold.

First it is meant to alert people who have not yet started a home based business that they are missing out on something HUGE (ie –LOTS more money in their pocket).

Second: To inspire people who do have a business to educate themselves completely on wide range of tax savings available.

Some of the tax deductions which may be applicable to you are:

* General Overhead: your home office, phone service, cell phone, utilities, office supplies, computers & programs, internet service, fax & printer, insurance, maintenance, office cleaning, landscaping, etc. * Training/Education: Seminars, business conferences, books, fees for organizations (BNI, Chamber Commerce, etc), trade magazines, etc. * Marketing: Tradeshows, any type of advertising (classifieds, internet, flyers, car signs, radio, TV, etc), business cards, mailing lists, market research costs, etc. * Automobile: Vehicle purchase/leasing, mileage, tolls, parking fees, car washes, insurance, repairs, registration & plates, etc. * Travel: Car rental, cabs, air fare, hotel, mileage, travel memberships, etc. * Administration Costs: Postage, P.O Box, stationary, office supplies, copies, printing, etc. * Gifts & Donations to Charities: Chartable donations and gifts to clients, prospects, vendors, etc.

This list is far from complete and as noted earlier, it is essential that we educate ourselves rather than just depend on people – period.

There are several excellent books available on legal tax savings deductions for a home based business available at places like Amazon.