There’s statistics, statistics and damn statistics. In the latter category are those where you say, damn, I wish I’d known that before. Well here are two that I’ve just heard.

Starting a home based or small business triggers on average $10,000 in tax deductions, and a significant portion of this is on money you are already spending. The GAO states that a typical person already running a small business overpays taxes by $8,000-$14,000 per year. That’s real $s, not deductions.

In my case, I’ve been a small business owner for a number of years, so I’m going to take my deduction claims a lot more seriously. I’ve always been told that my accountant is not to be relied on for helping my identify every possible and applicable tax deduction. His job is to process my input correctly. Sure, he’s given me pointers over the years, but that is not his job. So it’s great news that a new tool called UDeduct is about to be released. It’s primary purpose is to act as a tracking system for all expenses that might be one of the more than 100 possible deductions that are available to home based and small businesses. I’m EXCITED!


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