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What help can you expect from Uncle Sam when starting a small or home?
A small business or home based business owner can definitely benefit from using a
To repeat his statement "You are legally responsible for paying the taxes you owe Besides this legal issue, the average tax payer whose started a business, does not know what deductions he or she can or cannot claim. There are many deductions for home businesses that can help greatly. So paying a professional can return to the The IRS Web site, www.irs.gov, provides some help and is a convenient source for forms The IRS also operates Taxpayer Assistance Centers that can help you solve small business tax problems. You can check online at www.irs.gov/localcontacts/index.html. There are numerous companies in many states that are organized to help you with your small business or home business. They assist technology businesses. The FTC works for the consumer to prevent fraudulent, deceptive and unfair business practices in the marketplace and to provide information to help consumers spot, stop, and avoid them. The IRS says that thousands of home businesses are started every year and as many as 70% are still in operation after 2 years. The IRS specifies that a home-based business must have its own location away from the family living space that is devoted exclusively to the business. The business must be in regular operation, profits must exceed expenses in order to claim deductions, the business must be conducted almost exclusively in the home and the motive must be profit. It may be difficult to raise capital. The average home-based business requires about $10,000 in start-up costs. Although this may be much less than opening a business outside the home, both the start-up and operating funds should be in hand before beginning the business operation. Help is available. The National Association of the Self-employed (NASE) can provide help and information, as well as your local SCORE office. Find SCORE on the website to meet face-to-face with a professional business counselor. Home-based businesses are fast becoming a popular way to operate your small company, while reducing expensive start-up costs such as leasing space, lease hold improvements, utility and phone deposits and major office equipment. The Internal Revenue Service (IRS) tends to audit home-based businesses more frequently-especially when they are writing off a variety of expenses, including the percentage of the mortgage or rent for your office space. There are several good record keepers such as Day Timerr, Franklin Questr and Day Planner that will help you keep track of your expenses. Your accountant, (a CPA is recommended,) can advise you on deductions you can take and records you must keep for the IRS. The classes offered by the SBA (Small Business Administration) are numerous. Some include: Free online SBA classes 4. Business Plan Workshops |
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