Home Business Success? Pt. 1

For many years, the fastest growing segment of our business population has been the start up of Home-Based Businesses. I’ve heard figures from 50,000,000 strong and growing to a new one starting every ten seconds in the U.S. I’m not sure if anybody really knows and government stats usually lag by at least a year or two. The point is; the home business community is not only growing, but with the economic down turn and thousands losing their jobs and homes, home businesses are coming on line faster than ever before, across all age groups, and the days of being passive about it are long gone. Once a person takes the time to really set one up the right way and gets a taste of all the benefits, they will never be without one again.
Since attorneys generally follow the money, the home business community is largely ignored. This is why it is sometimes so difficult to find the right tools, the missing ingredients, and the right people to help empower the entrepreneur. That way, we too, can come from a position of strength and confidence and be serious about whatever business we select, stay below the IRS radar, and keep thousands more at home to control, instead of sending our dollars to be mismanaged in Washington.
So, this is the first of at least three articles I’m doing to give entrepreneurs some real solid ideas to help you discover the real power of a Home-Based Business and not miss another deduction.
To start with, if you are serious about your business, it needs to be treated like a real business. Know, if you don’t already, that the home business is the last great tax haven and if you want your business to succeed, then, first and foremost, you need to stay informed to stay ahead and secondly, you need to control your tax liability, the largest expense we all have. A home business is a real business. Congress passes new laws, many favoring the home business, every year. Do you know the latest changes? Did you know the IRS petitioned Congress requesting to quadruple the number of audits they do? I did. Would that be important for you to know? Who are they targeting? How can you avoid or at least be prepared for an audit? Are there tools available that could possibly shorten an audit? This is just one example.
By the way, when was the last time you received a memo from the IRS or Congress instructing you on how to use the behemoth tax code? Please don’t hold your breath.
See you in part II and part III