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Showing posts with the label home based businesses

5 Reasons to Start a Home-Based Internet Business

From https://www.sba.gov/blogs/5-reasons-start-home-based-internet-business SBA By Marco Carbajo: According to Forbes, more than 52% of all small businesses in the U.S. are home based. If you're like most people who dream about starting their own business, now may be the best time to take the first step. Starting a home based business on the internet has never been easier and the opportunities have never been greater. Kevin Systrom, co-founder of Instagram, says, “If you’ve got an idea, start today. There’s no better time than now to get going.” The internet is a store that never closes. It operates 24 hours a day, seven days a week and gives a business with an online presence a global audience. It has truly leveled the playing field in the world of business; now home-based entrepreneurs have access to the same types of tools and marketing opportunities used by major corporations. Today, you don’t have to have a traditional brick and mortar business to have a profitable bus

What is the definition of “Home-Based Business”?

From IRS Publication 587 (“Business Use of Your Home”) : Qualifying for a Deduction Generally, you cannot deduct items related to your home, such as mortgage interest, real estate taxes, utilities, maintenance, rent, depreciation, or property insurance, as business expenses. However, you may be able to deduct expenses related to the business use of part of your home if you meet specific requirements. Even then, the deductible amount of these types of expenses may be limited. Use this section and Figure A, later, to decide if you can deduct expenses for the business use of your home. To qualify to deduct expenses for business use of your home, you must use part of your home: Exclusively and regularly as your principal place of business, Exclusively and regularly as a place where you meet or deal with patients, clients, or customers in the normal course of your trade or business, In the case of a separate structure which is not attached to your home, in connection with your t

Steady Increase in Home-Based Workers Since 1999

In 2010, 4.2 million more people worked at home than a decade before, according to a report released by the U.S. Census Bureau. Home-Based Workers in the United States: 2010 contains findings from the Survey of Income and Program Participation and the American Community Survey. The combined analysis provides timely and comprehensive statistics on home-based workers in the United States. According to the Survey of Income and Program Participation, the number of people who worked at home at least one day per week increased from 9.5 million in 1999 to 13.4 million in 2010, increasing from 7.0 percent to 9.5 percent of all workers. The largest increase occurred between 2005 and 2010, when the share grew from 7.8 percent to 9.5 percent of all workers, an increase of more than 2 million. The Survey of Income and Program Participation has provided timely information on home-based workers since the mid-1990s and differentiates by those who work exclusively from home (home workers), those

Claim the Home Office Tax Deduction for Your Home-Based Business

Did you start a home-based business in 2011? Confused about what home office costs you can deduct when you file your tax return for 2011? The IRS home office deduction gives many small business owners a tax advantage allowing them to write-off certain home costs. However, it’s important to understand the rules of the road so that you don’t raise red flags with the tax authorities. More HERE .

Home for the Holidays

Well, not really, but I needed a title to tie-in the season with this recent article from Small Business Trends , called the " Top 10 Homepreneur Trends for 2010 ". (Aside - why do so many year-end lists [or lists in general] come in a multiple of 10? Is it a common number of toes, or fingers? Anyway, it's not my list, so they can do what they like.) The article reveals the neologism "homepreneur," which I wasn't familiar with until today. Regardless, we frequently receive questions from advisors as to what home-based businesses are hot. Keep these in mind. Now, should a person enter into a home-based businesses because he or she is limited, for one reason or another, to the home, and that choosing amongst this list would yield something more promising than something that isn't hot? Or should this list be read by someone who has talent and experience in one of these fields, and decides to start out a career in the field by starting in the home? I rea