Depending on how you set-up your home based business, the tax benefits you will gain will differ. My suggestion would be to find a reliable accountancy firm and seek their suggestions before doing anything else. Best method to find a trustworthy accountant? Personal recommendation from a business person in your area rather than just consulting your phone directory.

For instance in Ireland, most of the people just starting up a home-based business, will trade as a "sole trader" then, as the money begins to roll-in, they may choose to form a Limited Company. There're pros and cons to both statuses from a tax point of view, based on your individual situation and I won't go into them in so much detail here. Again, seek a consultation from an accountant as to which status will give you the best tax benefits.

"If I'm working from home, are there any tax benefits? There're tax benefits of working from home - as your home office is, actually, a workplace, you can offset a percentage of your utility bills against the profits of your home-based business like electricity, heating, telephone etc.

If you have a vehicle, and you use it for travelling to MLM meetings etc, then a portion of the running costs of your vehicle may also be claimed as valid business expenses and may also be used to reduce the tax liability on your profits. Travel to and from, attendance at seminars or meetings in the course of your home business are also tax deductible.

You may think that simply working on your laptop computer from your dining-room table holds no tax benefits to you but you may be wrong! Go speak to an accountant and find out exactly how many tax benefits there are to working at home.

Let's face it, we are all being asked to pay a lot in the way of tax these days, in one form or another, thus why not take a look at how you can legitimately avail of any tax benefits you may be entitled to by working from home? Better the money in your pocket than in that of Revenue

So, if you are considering working from home, and setting-up a home-based internet business, when considering the benefits of this type of venture - and, believe me, there are many - work the hours you want, work whilst you travel etc - why don't you also consider the tax benefits of working from home? You could be very pleasantly surprised.

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