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Home Business Legalities And Tax Advantages
by: Dean Phillips
Most cities and/or counties require you to have a business
license and/or permit. Check with your local government
municipalities to find out what the requirements are for
where you live. Depending on where you live, you should be
able to get this information from your local courthouse or
townhall.

Zoning may also be an issue. Municipal ordinances can be
very restrictive about what types of businesses are allowed
in a residential district. This also applies if you plan on
placing a sign outside of your home. Again, check with your
local government municipalities to find out what the
requirements are for where you live.

In addition, depending on how your home business is
structured--as a sole proprietorship, partnership or
corporation--there may be forms to file with the state. The
legal structure affects taxes and the liability of the owner
and the home business, so it's important to follow the
appropriate procedures. Contact your state's Department of
Revenue for filing fees and information.

If you plan to operate your home business under a name other
than your own, you will have to register a fictitious name
with the county--usually referred to as a DBA filing (Doing
Business As). The exceptions to this regulation are
corporations and partnerships doing business under the
umbrella of the corporate or partnership name.

As a home business owner, you may be required to file
estimated tax returns and pay estimated taxes quarterly. If
you have employees, you also have to submit taxes withheld
from employee paychecks. Here are some of the taxes you may
be responsible for:

Employment taxes -- Federal income taxes, Social Security
and Medicare, federal unemployment and state income taxes.

Federal self-employment tax--Required by those who work for
themselves to cover Social Security and Medicare
contributions.

Sales tax--Each state requires a sales tax number for any
company involved in selling tangible items. Sales tax is
collected, reported and paid to the state either monthly or
quarterly.

Unemployment insurance tax -- You are required to pay
federal and state unemployment taxes if you have more than
one employee on the books for at least 20 weeks in a
calendar year, or if they have paid more than $1,500 in
gross wages in a calendar quarter.

Again, check with your state's Department of Revenue for
more information.

A home business qualifies for all of the same tax deductions
regular businesses do. In the eyes of the IRS, the only
difference between most home businesses and Fortune 500
Companies is their size, and the fact that home businesses
can also deduct many household and living expenses.

Owning a home business will entitle you to deduct thousands
of dollars in every day expenses. After all, why pay more in
taxes than you have to?

Listed below are just some of the items you are allowed to
deduct:

* Your car and car expenses.

* Your mileage.

* Your home computer, printer and other office equipment.

* Your home. If you're not a homeowner, you are allowed to
deduct the area where your home office is set-up.

* If you're a homeowner, you may deduct a portion of your
property taxes and utilities.

* Your travel expenses.

* Your restaurant meals, entertainent, dinner parties.

* You may pay wages, tax free, to two of your children, if
they are involved with the business.

* You may deduct your families health insurance.

NOTE: To qualify for the above tax deductions, you must be
actively working your home business.

In closing, since tax laws are continually changing, I
highly recommend you consult with your accountant or tax
advisor to learn more about applying the aforementioned
deductions to your home business.







About the author:
Dean Phillips is an Internet marketing expert, writer,
publisher and entrepreneur. Questions? Comments? Dean can be
reached at mailto: dean@lets-make-money.net

Visit his website at: http://www.lets-make-money.net



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The Perfect Home Based Business and How to Start
 by: Michael Saunders

Day by day people scour the internet looking for a home based business to set them financially free. What happens more often than not is that people end in worse shape than when they started. Why you ask? The answer is not so simple.

The key to finding a home based business starts with knowing yourself. That means knowing what you are good at and what you do not do well. You must also be honest with yourself when doing this. We would all love to be perfect in every aspect of life but the truth is we are not and we have to accept this fact. This is important because picking a business in which most of the tasks that need to be done are your strengths will increase your chances of success.For example let's say you are not much of a talker. You do not talk much to people who you do not know and you keep to yourself usually. You are however extremely organized and love to write. It would most likely be in your best interest to be an article writer or ghost writer. They do not require you to do much talking or go to meetings all the time.

The next thing you need to know is the product or service that you will be offering. The more you believe in your product or service, the more you will sell. Now before I go on there is a handful of people in the world that could sell ice to an Eskimo or sell water to a fish but these people are the exception rather than the rule. For most of us if we do not believe in what we are doing we will not reach the level of success that we desire. People will be able to tell if you believe in your product or not. So if you are looking at a network marketing company try being their customer for a couple of months before you join the business. Once you try the product or try the service then you will know how you feel about it. On top of that you will be more prepared to answer question about it because you have become familiar with it.

Once you picked a business that relies on your strengths and a product or service you can believe in you have to choose what your budget is going to be. Remember that most home businesses take at least months before you really start seeing results off so it is important to keep within a budget until then. If you decide to join a mlm you may have the type of sponsor that says you should buy this or buy that it will really help your business. Remembers that you need to stay within your budget. If the recommended items are out of your budget ask your sponsor to rank the items by importance. This way you can stay in budget and get the items most needed first.

OK now you have your business, our product, and your budget now you are ready to start your business. Just remember that it is a business and should be treated as such. Running a home based business can be more difficult than running a traditional business. Running a business from home offers many distractions; Kids, TV , your bed, etc. You could have followed this guide perfectly but mess this up and you will not succeed. If you do not take it seriously you will just be wasting money and wasting time and since how most people start up home based businesses to have more time and more money you would be defeating the purpose. Make sure the home office is secluded so that when you are working you cannot be distracted.

Now that you have your business running you must market it. Marketing is how you get customers. Now there are many forms of marketing such as newspaper ads, flyers, TV ads, mailing lists, pay-per-click ads, power-linking, and many others. How you market your business is up to you. Each technique has its own strengths and weaknesses. Obviously you will want to keep your budget in mind when picking a method of marketing.

Diversify your marketing as much as possible, and remember... the more people that see and know your business the more business you will do.

Copyright © Michael Saunders http://www.InformationOrganizers.net

 

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