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By admin, January 12, 2010 7:33 pm

Whether you are looking at starting a home business because you are looking for a great way to supplement your income or simply because you are ready to take a step back from the nine to five grind – you’re tired of working for someone else, tired of the commute, tired of not seeing your hard work pay off for you – you owe it to yourself to look at a variety of home business opportunities. After all, when you’re ready to start a home business, you need to be sure that you’re choosing the best home business for you.

What does it take to choose the best home business for your personality? How can you be sure that the home business ideas that you’ve had will prove to be profitable? How can you tell whether the home business opportunities that you are considering are really opportunities and not just cleverly disguised scams?

Choosing the best home business means taking a close look at yourself. Choosing the best home business ideas for you means taking the time to really look at what you are interested in, what you do particularly well and what you can see yourself making a commitment to.

For example, if you love to travel, you might be looking for home business opportunities that will allow you to see the world. While that may seem like a good idea, it’s important to look at the big picture. First, there is a lot of competition and, while most people do look to the internet for their travel needs, you will need to focus on building your reputation.

Further, simply beginning a travel home business will not ensure that you get to be the one who is doing most of the traveling. Because of this, home business opportunities in travel may not be as satisfying for you as you might hope that they would be.

On the other hand, if you are looking at home business ideas and have a great deal of experience in administrative positions, you might find that beginning a home business as a virtual assistant can be quite lucrative and enjoyable. Similarly, if you have held a number of accounting positions and enjoy the work but want to start working for yourself rather than a major company, you’re likely to find that there are great home business opportunities for those who can provide accounting services to small businesses and other home businesses.

Of course, finding home business opportunities do entail looking at more than simply what you are good at, what you are interested in and what you hope to accomplish. Choosing the right home business also means taking into consideration how much time you have to commit to the business, how much space you have in your home and whether or not you will need to invest in additional training and equipment.

If you find that you have a room in your home that can easily be converted into a home office, you are likely to find that you are in a better position to pursue home based opportunities that require a dedicated work space than someone who can only commit a corner of his or her dining room table.

Likewise, if you know that you are only able to commit a couple of hours a day to starting a home business, you are going to want to look for home business opportunities that will not require a full time commitment – at least initially. Knowing whether or not you will need additional training – to return to the example of creating a home business with accounting, if you have no experience or degree in a related field you are less likely to do well in an accounting home business – should also affect your decision.

That’s not to say that if you have an interest in providing accounting services or even tax services that it is not viable as a home business if you do not have the training. It’s merely to point out that, if you are looking for home business opportunities that you can take advantage of immediately, it may not be the best choice. On the other hand, if you are looking for home business ideas that you are willing to work toward, there’s nothing to say that you must rule it out.

Ultimately, there are nearly as many home business ideas as there are individuals who are interested in pursuing home business opportunities. If you are looking to start a home business, focus on your interests and experience. Do some research and, if it’s possible, talk with other home business owners to learn more about how they made the decision to pursue home business opportunities.

Focus on your strengths and weaknesses. Pursue the home business ideas that you have – if only by researching them to see whether or not they really are great opportunities. By taking the time to understand yourself and the home business opportunities that appeal to you, you will find that it is far easier to choose the home business that will be ideal for you.

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By admin, December 18, 2009 8:40 am

As a home business owner, you may deduct the cost of driving in the course of your home based business, including trips to business meetings or seminars, to entertain clients outside your home, to pick up products and office supplies, to make deliveries, and to do business banking. 

If you are engaged in a network marketing business or an MLM Business, the cost of visiting prospective clients and persons (Leads) you would like to recruit into your sales organization is deductible, even if you are not successful in your recruiting efforts.

If your home-based business is your only employment, all of  your driving to and from your home office, which is your principal place of business, and different locations where you are actually involved in carrying on your business, is deductible.  But if you are also employed elsewhere, as an employee, figuring your deductible business mileage is slightly more complicated. The reason being that commuting between your home and place of work is normally considered a personal expense and is not deductible as a business expense.

In order to deduct business mileage as a  home office business expense, you must show that your home is your principal place of business.  Your principal place of business is where you regularly meet with clients or customers, where your more important work is done, or where you spend most of your time. The cost of going from your home office to a related business location is deductible, even if your home office is the site of a secondary business or job.  For example, driving from home to the bank to deposit business checks provides mileage that is deductible as a business expense.

Where a home-based business is only worked part time, be sure to conduct business in your home before going to a related business location, such as the bank above, or you will risk losing the deduction.  Keep a daily record of your business activities at home to prove you were traveling between two business locations on that day.

Computing your auto expense.

There are two methods of computing your automobile expense:

the mileage rate or

the actual expenses method.

You may use either method to calculate your costs.  You will, obviously, want to use the method that gives you the higher deduction.

Mileage rate. You may deduct a certain amount (this is an amount provided for by the tax legislation in the country in which you are carrying on your home based business) per mile for business driving.  If you use this method, you must combine the mileage for all cars driven for the same business. If you use the mileage rate, you may additionally, usually  deduct parking fees and tolls.

Actual expenses method. Alternately, you may deduct the business portion of the expenses of operating your car, such as gas, oil, repairs, insurance, car washes, tires,  auto loan interest and depreciation, if you purchased the vehicle or lease costs if the vehicle is being leased.

Generally, if you buy a new car during the year, the actual expenses method will exceed the mileage rate method.  This presumes, of course, that you keep complete records of your expenses throughout the year.  If not, you should use the mileage rate instead. Only expenses attributable to your business use of the car are deductible. 

This means you must allocate your operating costs and depreciation according to your percentage of business use.  Usually, parking fees and tolls do not have to be allocated, however.

To calculate Motor Vehicle Expenses you will need to record and have available the following information:

Total distance driven in year.

Total distance driven during year for business purposes. ( You would be well advised to keep a logbook to record this information on a regular basis.)

If you receive any reimbursement and or allowance for using your motor vehicle, and it is not included in your income, you must deduct this amount from any claim that you make.

Fuel Costs,

Repairs & Maintenance,

Lease Payments if Vehicle is Leased,

Copy of Lease if Vehicle is Leased,

Vehicle Washes,

Insurance,

Licence and Registration,

Parking Costs and tolls,

If Vehicle is owned, Make, Model & Year of Vehicle,

Year of Purchase of Vehicle,

Cost of Vehicle,

Interest on money borrowed to purchase vehicle,

Note: Taxation legislation differs between countries and each country may change their rules at any time. The information provided in these newsletters is accurate at time of publication. You should however seek specific information from your Tax Advisor or Taxation Department as it relates to your own situation each year that you are required to provide Income and Expense Statements.

Other topics in this series are as follows:

Number 1, Record Keeping,

Number 2, General Expenses,

Number 3, Purchase of Goods for Resale,

Number 4, Deductions for use of Home,

Number 5, Entertainment Expenses,

Number 7, Depreciation Costs,

Number 8, Business Meals,

Number 9, Salary Payments to Children,

Number 10, Travel Expenses,

Number 11, Demonstrators Samples & Promotional Tools,

Number 12, Gifts,

Number 13, Here Comes the Tax Man,

Number 14, Capital Items,

John Ritchie, A.I.B., A.I.C.B, F.I.C.B, email:brlynt@gmail.com

Copyright to this article belongs to John Ritchie. http://johnritchie.blogini.com. (Having Fun Making Money) Blog Site.

You may download and distribute this article freely and without restrictions. You must not, however, delete the resource box link.

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By admin, December 13, 2009 9:21 am

If you are tired of working for a company and trading time for money or can’t stand going to a job you just don’t like because no matter how hard you work, the best you can hope for is just surviving.

Forget about ever paying off all that credit card debt, buying that dream house, putting braces on the kids teeth, sending them to college, traveling or retirement.

I have nothing but empathy for you and yours because I have been exactly where you are and it sucks.

It’s a terrible burden to constantly worry about debt and living paycheck-to-paycheck knowing that trading the same time for the same money at the same job will never move you any closer to your dream of being financially free.

If you answered yes to any of these questions, then you need to take control of your life today.

This was my life for too many years of my career in sales, but that all changed when I found Jay and his group of successful entrepreneurs. I was fortunate to find Jay and his incredible mentoring program.

Jay and his mastermind group of professionals are giving back to the business that gave them so much. They are teaching people like me with zero online marketing experience how to become a master marketer and build a real home business. 

The best thing about Jay’s program is his marketing system and fantastic training program. His team of professionals teaches cutting edge marketing techniques and skills that will separate you from the pack.

It’s geared to teach anyone from the beginner to the advanced marketer how to build a real home business properly.

Another thing I like about this program is you can earn while you learn at your own pace. You have complete control of your time and absolutely no pressure on how you work, when you work or how much you work, it’s entirely up to you.

Of course you will need to consistently devote time to your marketing to get consistent results. It does take work people.

Their internet business training program consists of live weekly meetings via telephone and webinares with top producers that are also recorded and archived for your convenience in the back office if you are unable to attend.

They also provide an extensive how to video library with study materials for your use, community forum that allows communicating with other members to get answers to your questions 24/7 and of course your sponsor should be able to help guide you through this process when you get stuck. 

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By admin, December 11, 2009 6:58 am

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