Tax time is usually not much fun for the work from home mom. After all, many people who work from home actually run their own businesses, which means that they owe quite a bit when the tax season rolls around. One way to reduce the amount you owe to make sure that you take advantage of all of the tax deductions you are entitled to receive.

First, consider whether or not you ever drive for business reasons. You probably think initially that you don’t, but what about the trips to the office supply store? You can deduct your mileage when you drive for business reasons. However, you need to have some form of written documentation showing your mileage. If you have this, then you can deduct your mileage, which will be 50.5 cents per mile in 2008.

Do you subscribe to any professional publications that are a part of your business’s field? If so, make sure you deduct this subscription amount. Also, any other supplies that you purchase for your business, such as ink and printer paper, can be deducted, provided they are ordinary and necessary for your business. Just keep your receipts and write the purpose of the item you purchased.

The same is true for charitable contributions. If you give money to a charitable organization, keep the receipt or letter you receive from that group as proof of your donation. You can also take a deduction for non-monetary charitable contributions, but you need to have proof, such as a receipt or photograph of the items you contributed.

Are you thinking of having a garage sale? Instead, consider donating those items to the Salvation Army or some other charitable group that provides a receipt. You can then deduct their value from your taxes, lowering what you owe. Just make sure you write down all that you donate, because you will need this written proof if you are ever audited.

Finally, make sure you are contributing to your retirement plan. By maximizing your contributions, you can lower what you owe in taxes even more. Be sure to check with your financial adviser to learn what the new maximums are, because contribution maximums increase every year. Also, remember that you can take deductions for contributions added up until April 15 of the next year, so you can add more to your retirement plan if you find that you need a way to lower your tax bill quickly. Even as a self-employed individual, you are still able to claim these deductions, so start planning for your future as you lower your current tax bill!