acontthm.gq

Yes, it’s a royal pain in the butt to have to file our tax returns, but it HAS to be done, so stop whining about it and get going on it! (I have told myself this for the past 28 days, it’s now March 26th. I have 17 MORE days until April 15th to procrastinate with. I really shouldn’t be writing this article. I SHOULD be working on my taxes, UGH!)I know that many people feel the same way that I do when it comes to getting the tax return done. Why does it have to be so complicated? It seems that taxes are just one of those ADULT chores that NEVER goes away…hence the saying “death and taxes.”OK, I’m done whining for now.If you are a home based business owner, make sure that you take advantage of all of the tax deductions that our generous Government makes available to us when it comes to home ownership (something that is becoming more and more obsolete these days!) And what I mean is besides the normal deductions of mortgage interest and property taxes paid…if you are running a home based business, and even if it is just an internet business and it doesn’t take up a lot of space, you can still take the Home Office Deduction.Remember to Take These Home Based Business Deductions: The Home Office Deduction- This deduction can help take the biggest bite out of your tax bill. If you are a small business owner, self-employed and do your work from your home in a space that is consistently and exclusively used for your business, you can take this deduction, even if the space that you use in your house is not a completely separate room. It must be a clearly defined workspace where no personal activities take place.A percentage is allowed for this deduction…
Figure out the approximate percentage of your home used for business. For example, if you have an eight-room house and your office occupies one room, your workspace would be about 12.5 percent. You can also add up the total square footage of your home and the square footage of your workspace to figure out the percentage.
Add together your rent or mortgage interest, utilities, maintenance, real estate taxes and insurance and multiply the total by the percentage you use for your business. (If you own your home, you can also factor in the depreciation on the room or space you work in.) Your final figure is your allowable home office deduction.Business Expenses – Even if you don’t take the home office deduction, there are many other expenses that you can take deductions on to help reduce your tax liability. Keep all of your receipts throughout the year and a running log of all of your daily and weekly expenses to have proof that your deductions are legitimate. Below are some expenses that can be deducted:office supplies
postage and shipping costs
printing expenses
all phone expenses..land & cell
internet service used for your business
memberships in professional organizations
subscriptions to journals and magazines needed in your work
all advertising fees
business insurance
seminars and courses (include travel expense to and from)
services by other professionals (attorney, maybe a good tax accountant?)Big improvements, such as a new computer system or a suite of office furniture, can either be immediately deducted up to $25,000 in the year they are bought or depreciated over several years. (Five years is the typical depreciation period for most equipment.) It’s worth it to deduct large equipment purchases right away if your business is showing a profit.Hope this information has helped you out with your home based business.Good Luck with your taxes…I wish you many Happy Returns!

Being an employee for many is a controlling place which motivates them to start exploring the options of being their own boss. Many seek the benefits of a home based business franchise but forget to consider the following truths.Who’s Really The Boss?A home based business franchise has a number of great incentives and advantages which is why many people choose to start one for themselves but what needs to be said here is what is your motivation for wanting to start one?Are you looking for time freedom, job satisfaction, desire to become your own boss, control your future, build something the way you desire?The well known truth to a home based business franchise is that you are paying for a system. Now although the system may be great, you end up paying for something that you must follow. Are you looking for someone to tell you how and when you must do something or are you looking for the ability to create something yourself having full control over direction and celebrating challenges and achievements along the way?What Are You Paying For?The great thing about a home based business franchise is that the model and system is proven.This can be best described using the illustration of a coffee.If you were to buy a coffee from a coffee shop you well pay $4 or $5 for it yet if you were to buy the ingredients yourself it may only cost you $1. Now you may be thinking to yourself ‘but I can’t make it as good as they do’ and that is what you are paying for – the system.The same can be said for a home based business franchise, you are paying for a proven system and the added value. Paying an upfront fee and ongoing royalty is the exchange for using their system and benefiting from it.Developing a system for yourself can mean acquiring the value added component within the business which can often mean a great deal of business profits.Remember business profits are calculated after ALL costs and make up your return for investment of time and money.Give it away sparingly!On Whose Terms?I’m a strong believer in taking control of all situations within your business. Whether it be the introduction of one new product or the total rebranding of the company image, as a business owner I like to and always recommend having the ability to control every change that is made.Importantly, a home based business franchise will have many aspects to it that must be considered before purchase such as; Whom you may onsell the business to in the event you decide to move on, What level of input you have in terms of corporate direction Product creation and implementation Marketing budget and planning A home based business franchise offers great rewards and benefits for those looking to start a business for themselves but should be entered into after careful consideration of the previously discussed points here today.