June 20th, 2008
Keeping records, for tax purposes and to determine whether you are making money, is vital in a home business. You don’t simply put the money you collect into a “cigar box” and feel it’s free and clear because it isn’t a fortune. You have expenses, too, that detract from that money.
You must set up […]
August 14th, 2007
It’s so much easier nowadays to keep business records, as well as personal finance records, with the use of software programs designed especially for this use. I recall those days, before computers and business software, when I had to keep ledgers by hand for a larger business my husband owned, as well as for the […]
July 31st, 2007
Whether one collects sales tax for mail order and Internet sales often presents a quandry for the home business owner.
*What if you live in a no tax state but sell to customers in a state where there is a sales tax?
*What if you have a sales tax in your state and sell to someone in […]
July 10th, 2007
Collecting Payments in Your Home Business
Most customers/clients pay well and as agreed. However, no matter what type of home business you’re involved in, you’ll run into someone who is late with their payment or doesn’t pay at all.
I’ve not encountered many who didn’t pay me. I found, when someone was late, the situation usually could be resolved.
Laura Spencer, at Writing […]
July 5th, 2007
“Mary, I appreciate you responding to my comments on your blog by e-mail, as well as on the blog,” a viewer mentioned. “I feel as though I know you.”
I hadn’t thought much about it before this. However, I wasn’t sure whether my viewers who leave comments stop back to see if I have responded. So […]
April 19th, 2007
Now that tax time is over, unless you’ve requested an extension, you’re probably discovered some changes you should make in your bookkeeping or record keeping system. As you prepared your home business taxes, or gathered information for someone else to do the final work, you might have realized you need to change some […]
February 24th, 2007
Tammy Powley, who writes b5media’s Jewelry & Beading blog, has written at least two posts recently about getting the information ready for her taxes. It’s sometimes interesting and informative to learn what someone else is doing.
“This [taxes] is one of the things a lot of jewelry makers [and other home business people] […]
February 24th, 2007
Tax Time & Home Businesses
Depending on the complexity of your home business, you may find you can do the bookkeeping yourself (perhaps with the help of systems like Quicken and Turbo Tax). Or you may need the aid of an accountant to help set you up and then do the final tax preparation.
If you hire any employees, then you will […]
January 20th, 2007
Free lance writers, who work from a home office, even though they may go into the field for their research, interviews, and promotion, often don’t consider themselves business owners or that the income they receive is taxable…unless they receive a 1099 Misc Income form. Even then I’ve heard some mention that they didn’t realize they had […]
January 14th, 2007
Although producing products, rendering services, and generating sales are vital to a home business, setting up a bookkeeping system and keeping it up to date is very important, too. Many small business owners neglect this aspect and find themselves scurrying around at tax time trying to find the figures they need.
There are many record […]