For a rapidly growing number of people nowadays, their path along the business trail has led them to the establishment of a home-based business. And really who can blame them? The ownership of even a small home-based business is one of the best remaining tax shelters left in the United States at this present time.One of the most important and financially viable reasons for this is that it may be possible for you to find the legal means to deduct all of your ordinary and necessary expenses that come with running your business even if you already receive substantial personal benefits. Tools such as My Tax Tutor for Home Based Business Owners can help you in these matters and can provide a tax guide for Home Based Business Owners.You may for example be legible by law to receive up to $41,000 a year or more in a government approved tax deferred retirement plan. You should also look into an employee benefit plan in order to receive tax-free benefits; you just may be legible for such an arrangement. The way this works is much like a medical reimbursement plan that is in effect in most reputable companies. In this particular scenario, your chosen corporation is responsible for paying you for all your out of the pocket medical expenses. In return the business does not have to pay a deduction charge and you in turn will be free from any tax obligations.You may also be able to change the expenses involved in commuting mileage from non-deductible ones to deductible. Many people have benefited over the years from this strategy alone and as a result have incurred savings of up to hundreds, even thousands, of dollars in tax deductions all in the space of just one year. What’s more, they incur these same savings each and every year and will continue to so for the next foreseeable future. Even a few short miles of daily commuting, once rendered deductible can result in significant savings for you. Amounts of up to $1,000 a year or more are not unheard of and this is all tax-free money in the bank! One such small business owner recently applied for this tax arrangement and he came out of it with more than $7,000 in savings over the course of two years!You may also be able to write off part of the costs involved in owning your own home, although be forewarned; while it may be an attractive proposition for you to be able to make substantial home office deduction, the process is by no means simple and it would be in your best interests to explore all legal means necessary so as not to incur the wrath of the Internal Revenue Service.Finally one other important benefit of owning your own home based business is that you can enjoy up to 100% tax free medical insurance for you and your loved ones whether you are classified under ‘self-employed’ or not or whether your business makes a substantial profit or not.