The Home-Based Business Guide: planning a business, choosing an entity, IRS approved tax deductions

The Home-Based Business Guide * planning a business * choosing an entity * IRS approved tax deductions Many people have contemplated starting their own home-based business but never do because they are unsure of what steps to take, the correct process and just how to go about it. It can be an overwhelming projet with out proper quideance, but with the proper strategies it can be simplified and the process made easier. I hope you will find the guidance you’ve been waiting for in; The Home-Based Business Guidel. Here are the ins, the outs and the inside info you need when starting a home-based business. Failure to plan can cost you serious money and headaches in the future. Planning reduces financial risk as well as providing written proof if questioned or audited by the IRS that you are in business to make a profit vs. a business being worked as a hobby You will learn which business entity is right for you; a sole proprietorship, Limited Liability Co. known as an LLC, a corporation or a partnership. You should determine which suits your needs best, based on the advantages and disadvantages for liability protection as well as tax related advantageous and disadvantages. Don’t forget the cost of a good tax preparer is worth their weight in gold, and you get to deduct your tax preparer’s fee on next year’s tax returns. My recommendation is take the deductions you are allowed, keep good records and documentation. Do not pass up a deduction that is legitimate for fear of an audit. Now is the best time to prepare for next year’s taxes. Make an appointment to discuss your tax needs with a qualified tax professional.