Friday , April 18, 2014

5 Things To Do Before Starting Your Home-Based Business

Getting Started as a Homepreneur

The day has come!  You are seriously considering striking out on your own to start your new home-based business. You may find yourself with an aching belly and a big smile – due to the conflicting feelings of fear, liberation, self-confidence and self-doubt.  Yes, leaving the “security” of a 9-5 to start your own venture is a big deal – ... Read More »

Reader Q&A: Tax Deductions Available to Home-based Employees

unreimbursed employee expenses

QUESTION - Can an employee of my home-based company claim the home office deduction on her income taxes since she works out of her home office? What kind of items can she expense? This employee lives in a condo, but has designated a portion of the condo as a place that she exclusively uses for business. Although the company purchased ... Read More »

How Will Your Home-Based Business Be Taxed?

home based business taxes

Guess what! You actually have a say in how your business income will be taxed – assuming you registered your business with your state as an LLC, Partnership or Corporation. The most popular state registration for many home-based business owners is likely the Limited Liability Company (LLC) – so I’ll assume that’s what you are thinking about doing as well. ... Read More »

3 Tips to Reduce Tax Time ID Theft

tax time identity theft

I know you’re gearing up to have your tax returns prepared, but remember, identity theft continues to be one of the biggest problems taxpayers face during tax season. According to the Treasury Inspector General for Tax Administration (TIGTA), about 1.6 million Americans were victims of ID theft/tax refund crimes by June of 2013, up from 1.2 million in all of ... Read More »

5 Ways to Avoid Losing Your Dependent Related Tax Benefits

Claiming Your dependents

Our family unit is an important consideration at tax time as it helps us determine our filing status and the number of qualified dependents we will claim.  The IRS provides two categories under which we can determine our ability to claim certain dependents – Qualifying Child or Qualifying Relative. Many families have missed out on claiming qualifying children or relatives, ... Read More »

4 Ways to Reduce Your Tax Preparation Fees

20 dollars

We are always looking for ways to put more money in our pockets; well I have one simple solution that you can take advantage of now – reduce your tax preparation fees. The 2014 tax season officially starts January 31, 2014.  Before contacting your tax professional or sitting at the computer to prepare your taxes yourself, there are a few ... Read More »

Independent Contractors and the 1099-MISC

Independent contractor - 1099 Misc

In 2013, many of us hired independent contractors to help take the load off as we grew our businesses.  Now that 2013 is over and we are a week into 2014, it’s time to make sure your 2013 financial records are up to date so you can determine if you need to send out 1099-MISC to your independent contractors. Remember, ... Read More »