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Starting a Home Business - You
Need a Resource
Owning a home-based business is not an opportunity any
longer. It's a MUST.
Not too many years ago, starting a small business or small
home business was just a passive thought after developing a
successful hobby for a lucky few. Then came the network
marketing groups, which in one way or another, everyone has
been pitched, and thousands, including myself, gave it a try.
Now, in a lawsuit happy society, and a waffling economy
where many have lost their jobs and homes, having a home
business may be the last great hope for survival. The
opportunities are limitless. You may have to weed out a few
unscrupulous ones, but there are some wonderful biz ops out
there. And it's not all negative. And there is still the great
American dream we are all chasing and a surprising number are
finding it, thanks much in part, to the internet.
Here is my concern;
Although the basics of setting up a home business or any small
business is not overly difficult, very few actually take the
time to do it right. Besides, once the basics are in place
there opens up to you a much greater world of protecting
assets and family, greater tax reduction and staying under the
IRS radar and some estate planning that needs to be
considered, not to mention corporate credit possibilities.
So, entrepreneurs; treat your home business as if you were
the CEO of a major corporation. Those that do, will set up a
wonderful business foundation, will see the fringe benefits
and never want to be without it again.
So, what's the purpose?
Where does one go to learn how?
Is it difficult?
In fact, if you haven't already heard, it is more important
than ever because the IRS has petitioned congress to quadruple
the number of audits they usually perform. Who do you think is
most vulnerable?
Judge Leonard Hand once said, "There are two tax
systems in this country. One for the informed and one for the
uninformed." This statement is very true.
First of all, yes, it can be difficult, but it doesn't have
to be. Lots of seminar companies have made big bucks by
selling large sets of tapes, CD's and forms books to help in
the process. Too bulky. Not my recommendation.
Secondly, why worry about it? The tax courts are full of
people who didn't worry about it or tried to interpret the tax
code their own way. There really is NO reason for all that.
And it pays huge dividends with a little effort on your part
and some guidance from the right source to keep you on track.
And, it doesn't have to be expensive.
First, the have to's or basics; (And this section will be
brief)
Think a little like the IRS. They are just an accounting
group.
• A separate place to work-Preferably exclusive use.
• A simple filing system to get you started. Get upgraded
later.
• A separate phone
• Separate office supplies and equipment to fit your
business.
• A simple accounting system- I would also recommend a tax
planner/diary. It is like a daily planner but includes tax
items. This could make the difference if you are ever audited.
All this is tax deductible and you will be organized.
Secondly, Beyond the basics.
• Set up a simple LLC for business operations.
• Learn dual corporate strategies.
• Learn to hire your children.
• Stay informed.
• Find authoritative support, no fluff.
• Replace the word vacation with business travel.
To name a few.
Why go to all this trouble? Asset protection and
deductions. Going from a few to a few hundred. Finding
deductions is one of my favorite activities and you learn how
to play the same game as the big boys. Except you will get
more deductions.
One last thing-You're overpaying your taxes every day you
procrastinate.
---------------------------------------
Jerry McMullin is the founder of Home Business and Tax
Solutions where he takes the mystery, difficulty and fear
out of establishing a home business using video instruction
from a top former IRS trial attorney and other
professionals. His goal is to simplify the tax code
pertaining to home-based
businesses and simplify setting up the home business so
the entrepreneur can confidently focus on building the
business of their choice while easily saving thousands in
taxes. Partner with the experts. http://www.homebusinessandtaxsolutions.com
is designed for the serious entrepreneur.. Article Source: http://EzineArticles.com/?expert=Jerry_McMullin
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