Virtual assistant business tax deductions
Now do seek the assistance of your accountant or your taxation department in your area. I am not an accountant, but I am giving examples of virtual assistant business tax deductions that will be or may be allowable in your area. By the way here are some major taxation department websites and from there you may also be referred to other relevant websites for small business tax and tax deductions information: Australia
Australian Taxation Office Click here for the Wikipedia definition of a tax deduction. But basically a tax deduction is a tax deductible expense incurred by your business, which is subtracted from your gross income resulting in a lowered taxable income. And in your work from home business you will be able to identify many many more tax deductions that were not available to you as an employee or deductions that are not available to other small businesses.
This is a sample list of virtual assistant business tax deductions These deductions may not all be available in every country, so please do further research and discuss with your accountant. You will also be responsible for your own superannuation payments (talk to your accountant regarding this). There will also be a myriad of other expenses that you may incur that I haven't listed. Things you don't think about are fixing and servicing of equipment, ie: my tape transcriber machine. Also batteries for any equipment. And remember a lot of your virtual assistant business tax deductions are renewable costs, so you get charged for these on an ongoing basis, they are not all one offs. So keep a folder to file away all your receipts and record everything as you go into your accounts software package or Excel spreadsheet. Some expenses you may incur are client expenses and then that client will reimburse you for those (ie: you charge them on your invoice for that expense, such as postage costs or phone calls). So make sure you don't claim these as a tax deduction as they are already reimbursed to you. I always make sure I'm above board in case I get audited one day, gulp!! And besides my accountant always calls with a few queries, so he keeps my virtual assistant business tax deductions on track too.
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