If you are running a home business, it is important to remember that there are tax deductions for you when tax season rolls around. Of course, you do not want to try to fool the IRS (no one wants to run the risk of being audited!), but you do want to take advantage of those deductions that are rightfully yours. […]
Here are some common questions I get asked about all the time from business owners: Is my business considered a real business for tax purposes? Can I deduct expenses from my blogging business? Do I need to report money I made from my side hustle or business? – Such as: Blogging | Direct Sales Consulting: Ex. Selling Mary Kay, Avon, etc. | Selling […]
We have all heard of this saying: “If something that you’re doing doesn’t challenge you, then it doesn’t change you.” One of the greatest things about life is that there is always room for improvement. As long as you keep challenging yourself by doing things outside of your normal comfort zone every now and then, you will continuously grow as a […]
Starting your business with a “forever” mindset is essential for business success. First of all, don’t start a business just for the heck of it. If you are going to start a business make sure that you start it for the right reasons and also make sure that you understand that starting a business from scratch and watching it grow and succeed requires […]
According to the Tax Code business expenses must be: 1.) Ordinary or “common” in your given business industry 2.) Necessary for you to run your business 3.) Reasonable or “fair” in your type of business environment If your business expense meets these requirements then they will qualify for a deduction that will decrease the profits of […]
This is highly dependent on how comfortable you feel with the task along with understanding the time commitment that would be required to ensure accurate records are being maintained. It is customary for business owners who are starting out to handle various aspects of their business including the accounting and tax functions. If you are planning on keeping your own books, you […]
One very important step that new business owners must understand and take is the importance of keeping accurate business records. Many small business owners end up in trouble with the IRS simply because of poorly kept business records. For example, businesses get in trouble with the IRS if they get audited and they cannot prove their business expenses through source documents. […]
There are many things you have to think about when starting your own business. One of the most important thing to consider is determining your specific product (if you are selling something) or your specific service (if you are offering a type of service) and then understand the exact market you intend to serve. I know it is tempting to […]