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It's Not To Late to Get a Home Base Business Tax shelther for 2014 Tax year

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If You Don't Have a Home-Based Business, Start One Today! by Sandy Botkin

 The young and the middle-aged alike are realizing that their dream of "having a job with a company 
forever" is an illusion. Companies have been downsizing, rightsizing, and capsizing for some time now, 
and they continue to do so-more now than ever before. Even the federal and state governments are 
getting into the act with layoffs and attrition of jobs. 
Finally, if all this isn't bad enough, under recent tax laws employees are shafted more than ever with limits 
and thresholds for their employee deductions and higher social security tax limits. This results in more 
couples working than ever before and, on many occasions, working more than one job. It is now almost 
impossible to have only one job in the family and make ends meet! Today, many households need three 
incomes just to survive. 

Why a Home-Based Business Makes So Much "Cents"
There are really two sets of tax laws in this country. One is for employees, and it allows deductions for 
individual retirement accounts, 401(k)s (if you have one set up by your company), interest and property 
taxes on your home (which some in Congress want to do away with ), and charity. Then there are the 
laws for home-based business people who conduct their business either full-time or part-time. They can 
deduct, with proper documentation ,their house, their spouse, and even children (by hiring them), their 
business vacations, their cars, and their food with colleagues. It is for these reasons, according to 
Entrepreneur magazine, that 95 percent of home-based businesses succeed in their first year and 
achieve an average income of $50,250 per year with many earning much more.