|
|
Source: Small Business
Management
Work at Home Business M anagement
Tip #1
Don't Get Caught under the Table: Make Your Business Legal
Operating a legitimate Home Business on a full- or part-time basis may require taking certain legal
steps to protect yourself and your venture, including the following:
* Get an employer's ID number if you have employees or are incorporated or in a
partnership.
* Obtain a federal license if your job is covered by federal laws, such as those who are
investment advisors or firearms dealers; similarly, make sure you have any required state
and local business licenses.
* Obtain the trademarks, copyrights or patents needed to protect any products or services
you have created.
* Incorporate or form a limited-liability company or a partnership if you are not a sole
proprietor and are working with other people.
* Find out if you are required to collect sales tax for your product or service. If so,
register with the state agency responsible for collecting sales taxes.
* Register your business name if you are using a name other than your own or a variation
thereof.
Consult a lawyer or the appropriate government agencies in your city and state if you're
not sure how these requirements may apply to your business or locale.
Work at Home Business Management
Tip #2
Don't Be Intimidated by the IRS: Claim Your Deductions
on Your Home Business Income
Whether you live and work in a house, apartment or condominium, you can deduct the cost of
operating and maintaining that part of your residence used for business if you meet the
basic criteria established by the IRS for a home office.
According to the IRS, the portion of your home you wish to claim as a tax write-off must
be used exclusively and regularly for business.
In addition, the portion of your home you use must be either your principal place of
business or a location where you meet with customers or clients in the normal course of
business activities.
If you qualify for a home-office deduction, you can deduct a variety of expenses such as
your mortgage payments and capital improvements, pro rated for the portion of your
residence used as an office.
As a self-employed individual, you can also deduct numerous ordinary business expenses,
from the cost of operating your car to dues you pay to professional and trade
associations. However, be sure the IRS considers you a self-employed individual or
independent contractor rather than an employee. The rules on this issue and on expense
deductions can be tricky, so it's wise to consult your accountant for clarification.
Work at Home Business Management
Tip #3
Don't Take Risks: Get Needed Insurance
Many home-based firms don't realize that their homeowner's or apartment dweller's
insurance may not protect them against three basic business contingencies:
* Home/apartment insurance usually doesn't cover business property. Consider purchasing
business property insurance to cover your computer and other office equipment and
furnishings.
* Home/apartment insurance usually doesn't cover liability for accidents or injuries to
customers or business visitors. Consider purchasing a rider to your policy to cover anyone
who comes to your home on business.
* Standard auto insurance usually doesn't cover damaged or stolen business property. If
you use your car for business, be sure to indicate that on your policy and pay the
additional amount required.
Finally, depending on the nature of your business and the level of risk you want to
assume, you may also wish to purchase any of the following:
* Malpractice or errors or omissions (E&O) insurance to cover you against claims that
your product or service harmed someone or caused a business loss.
* Disability insurance to cover you against loss of income should you become disabled.
* Partnership insurance to cover you against suits arising from the actions of any
partners you have.
Other Topics of
Interest
Looking for cheap cars? Here's how we approached the task
of selecting our winner for the best cheap car online
resource
Cheap cars under 1000 for sale. Looking for super cheap
airline tickets? We scanned dozens of sources of cheap
flights on the Internet to come up with our choice
Super cheap flights airline tickets. Apply Ratio
Analysis to Financial Statements to analyze the success,
failure, and progress of your business
Financial
ratio analysis formula. So you are looking for a free
business checking account; can you find one? sure!
Best bank for small business checking account free. A
business plan can provide the owner-manager or prospective
owner-manager of a small construction firm with a pathway to
profit
Sample construction business plan company profile.
Starting a new small business is the dream of many people
... starting that business converts your dream into reality.
But there is a gap between your dream and reality that can
only be filled with careful planning
Basics of
retail operation doc, tips on starting small business.
Looking for super cheap airline tickets? We scanned dozens
of sources of cheap flights on the Internet to come up with
our choice
Discounted dirt cheap airline tickets, low cost air tickets.
We've reviewed dozens of auto insurance companies, brokers
and agents to bring you this elite list of brands
All car insurance companies, allcarinsurance. The
quality of employees and their development through training
and education are major factors in determining long-term
profitability of a small business
Training
and development process, methods for employees. Today,
many researchers are concerned with the information sent by
communication that is independent of and different from
verbal information;
What is non
verbal communication nonverbal. Shopping for Auto
Insurance - It is now more important than ever that you shop
autoefully for auto insurance
Cheapest sr22 auto insurance listing. Here is an
abbreviated example of a serious sample business plan
examples template proposal
Proposal
sample business plan examples free samples. Increasing
profits through reduce costs and cost cutting must be based
on the concept of an organized, planned program
Cost
cutting strategies business, how to reduce expenses.
This article discusses get best bank bad credit mortgages -
compare bad credit morgages rates
Accounts that deals with houses and morgages. We've
reviewed dozens of auto insurance companies, brokers and
agents to bring you this elite list of brands with the best
free quotes online and very cheap rates
The general car insurance reviews quotes. Looking for
cheap computers? Here's how we approached the task of
selecting our winner for the best cheap computer online
resource this year
PC for sale very cheap computers
Advertising signs for marketing. Looking for super cheap
airline tickets? We scanned dozens of sources of cheap
flights on the Internet to come up with our choice
Dirt cheap airline tickets very cheap ticket airs. When
buying an air conditioner, ask: How many days a year am I
going to use it? How expensive are my electric-utility
rates?
Cost of central air conditioner prices for air conditiong
room. New Ideas for Business, Getting Business New Idea
are essential to business progress
Top new
idea invention for business with no money. Wie viel
zahlen Sie für Auto-Versicherung hängt von mehreren Faktoren
ab
Kfz billige günstige autoversicherung vergleich.
Off-the-rack suits are getting more expensive, making custom
and made-to-order suits increasingly attractive buys
Cheap low cost men discount suits.
Copyright © by
Bizmove.com - Small Business
Management. All rights
reserved |
|
