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The last thing most people think about when starting a business is doing taxes. But proper planning will make doing your taxes much easier - and keep the IRS happy.Here are 3 simple tips for keeping proper records: 1. Whenever you buy anything for your business, keep the receipt!Not only will this make record keeping a lot simpler, but if you are ever audited (having your tax return reviewed in detail by the IRS), you can prove your expenses, and save yourself money. 2. Write down all your expenses and income as they happen.As your business grows, you'll have more and more activities to keep you busy. The last thing you'll want to do each April 15 is to organize your records for the year. So, it's a good idea to write down all your financial activities as they happen. You'll find preparing your taxes will take much less time if you are organized. 3. Learn how to save money on your taxes.As you learn about taxes, you'll find that there are many deductions (expenses that reduce your income, and therefore your taxes) you can take that are not obvious. When using your home office, you may be able to deduct (at least partially) repairs you make around the house, utilities, your home's...more
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Has Your Work From Home Online Business Lost It's Momentum? Building a work from home online business is exciting! You should be vibrating with excitement. But you find that's not the case. I think I know why. Maybe this is happening: 1. You get all excited about your newest project or some special marketing tool. You believe this is just the thing to get your business off the ground. You're so enthusiastic and can't wait to start. 2. You do your due diligence, create a kick-ass website with great content, killer pictures and all the bells and whistles. 3. Then all the "fun" work is over and it's time to start "working" on promoting your site. 4. You experiment with all the most popular programs and courses that promise to put your business on autopilot, but you soon realize that you have to actually "work" at growing your business. 5. After a couple of weeks, you're no longer excited about your new business. The reality that the "easy button" does not exist has set in. 6. Then something new and shiny comes along and the cycle starts all over. 7. You start hopping around from program to program like a grasshopper jacked up on Mountain Dew and never finish...more
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