Why set up a HOME BUSINESS?
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Invest your extra income from your home business, and you can end up with a truly "passive income" that just keeps on working for you, while you get to play.
Some of the $$$ benefits and tax deductions include.....
To be eligible for business deductions, your business must be an activity under taken with the intent of making a profit. It's presumed you meet this requirement if your business makes a profit in any two years of a five-year period.
Once you are this far along, you can deduct business expenses such as supplies, subscriptions to professional journals, and an allowance for the business use of your car or truck. You can also claim deductions for home related business expenses such as utilities, and in some cases, even a new paint job for your home.
The IRS is going to treat the part of your home you use for business as though it were a separate piece of property. This means that you'll have to keep good records and take care not to mix business and personal matters.
No specific method of record keeping is required, but your records must clearly justify any deductions you claim.
You can begin by calculating what percentage of the house is used for business, either by number of rooms or by area in square footage. Thus, if you use one of five rooms for your business, the business portion is 20 percent.
If you run you r business out of a room that's 10 by 12 feet, and the total area of your home is 1,200 square feet, the business-space factor is 10 percent.
An extra computation is required if your business is a home day care center. This is one of the exempted activities in which the exclusive use rule doesn't apply. Check with your tax preparer and the IRS for an exact determination.
If you're a renter, you can deduct the part of your rent which is attributable to the business share of your house or apartment. Homeowners can take a deduction based on the depreciation of the business portion of their house.
P121 Self help home business article continued:
P62 Be an Entrepreneur, home business self help article by Michelle Casto
P118 Find the Time for a Home based Business
“To Sell Or Not To Sell”
Since its inception, eBay seemed to be god send entity to many especially those who want to find a lucrative way of earning a living. A lot of people contend that it is only with eBay that they were able to supplement their finances and extra necessities.
“eBay Business Solutions”
If starting an eBay business is your goal, as opposed to just auctioning a few items off for some extra cash, you need to use the eBay business solutions that are available to you. Because eBay’s success depends on the success of its sellers, they strive to help you at every turn.
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More self help home business ideas continued:
Ten Keys to Working Effectively in a Home Business Office
There are many successful home business models ranging from total chaos to very structured. So there is no single recipe that must be followed to be successful. Many home businesses are started by refugees from corporate America who are used to the structure and socialization aspects of the corporation. For these owners, the following secrets will help provide the structure they may need when they first start.
1. Negotiate an agreement with the other inhabitants and live up to that agreement. Frequently there is a re-entry problem with the other inhabitants. Your spouse may be used to being alone during the day, and may be unhappy with your increased presence. Have a kick-off meeting to negotiate an agreement that will avoid conflict.
2. Set aside a separate area for the business. If possible, dedicate a room or part of the basement to the business. This helps everyone feel that the home is still a home. It also provides a basis for a home office income tax deduction.
3. Schedule separate blocks of work time and free time. There can be many distractions during the day. It is helpful if you have a schedule for the day so you can minimize interruptions and distractions.
4. Start every work day at the scheduled time. Form a habit of starting on time and keeping to the schedule. This makes it easier to minimize distractions.
5. Don't sleep late or watch daytime TV during work time. It's tempting sometimes, but successful businesses are built on the days that you don't feel like it, not on the days that you do feel like it.
6. Wear your work uniform when you are working. When I started my consulting practice, I found it helpful to dress business casual (for men this is wearing a tie without a food stain). It made me feel more like I was supposed to be working.
7. Work on high value tasks during your peak productive hours. Most people have specific part of the day that they are more productive. I find my optimum schedule is to start about one hour after sunrise, work continuously for four hours, then go out. I can work another two hours after I return. That six hour work schedule has consistently produced more work product than I used to produce in two days in the corporate environment.
8. Accomplish your Single Daily Action before you finish the workday. Have a Single Daily Action every day which is the most important action for that day. When you are starting your practice, this is likely to be marketing-related.
9. Build a supportive community and nurture it every day. I think the chief complaint about home business is that it can get lonely and isolated. Make it a practice to talk to people every day, even when your focus is on completing an important project.
10. Manage your thoughts. Sometimes it is easy to become discouraged and/or negative. Create a method of maintaining a realistic positive outlook and reenergizing yourself when the voice of your Evil Twin intrudes.
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“Tips for getting FREE Publicity for your business”
“Five Things That You Must Do In Your Press Release”
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