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Do You Have A Detailed Business Plan For Your Small Business? The IRS Wants To Know
Many people feel that working from home is challenging. It requires the same type of discipline as if you had a brick and mortar business. Working from home commands focus and time management. It's easy to get distracted. Contrary to belief not all work at home ventures are internet marketing, But all home-based business owners must have a website to reach the most success. And with the arrival of smart phones, a smart phone app is necessary. The idea of working from home in our fluffy bedroom shoes is really just a fairy tale. Working from home is work.
We are now hearing that the IRS will soon be requiring a detailed business plan from home-based business owners. The IRS wants to know; is your business actually a business or is it a hobby? If your hobby is your business you must treat it as such, because it is subject to taxes and could be accountable for an IRS audit. You want to shield yourself from the hobby classification or you can lose all of your tax deductions. To shield yourself you need a business plan with projected growth. Sadly many people fail to understand the planning, and reporting of estimated quarterly taxes.
Running a small or home-based business without consulting a qualified tax preparer is much like going to court and standing before a judge without representation of an attorney. A business worked from home provides tax advantages that enable the owner to keep more of the money he makes and do it legally. With the changes made by the government about small business ownership, knowing and understanding the tax code is critical. The question is; do you have time to run your business and learn the tax code? Most business owners will answer no to this question.
Three things to do for a successful home-based business are, working for profit, determination, and keeping good records. Do these three things and you have a good chance for success and satisfy the requirements to get legal tax deductions. You get to keep more of the money that you make.
The home-based business has come to the rescue in a down economy for many years. With the internet, the small business owner has a good potential for profit and many people become wealthy as a result. Having a plan of action along with a focused disciplined intent and working consistently is key.
A work from home business is as extensive as your imagination can perceive. Here are just a few ideas; pet sitting or dog walking service, craft business, an insurance agent, event planner, or small business consultant. The list is endless. I have worked from home for years and enjoy the freedom.
Many large corporations began as a home-based business. If you have a dream, and want to begin at home, follow it. Just remember it is a business and subject to the same rules and regulations as a brick and mortar.
For more information visit www.unitedstatestaxpayersassociation.com
Small business owners are the lifeblood of a growing economy. Growing small business the right way is specific and takes skillful authority. There is no reason to not be successful. Do it right and enjoy the rewards. Click here for small business consulting and marketing services. http://www.Patricia-A-Gaines.com
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