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Do you Qualify for Home Office Tax Deduction for Small Business Owners and Professionals?

For several years taking a Home Office Tax Deduction was considered a red flag, inviting the IRS to Audit your tax return. But that may no longer be the case, with more and more businesses and individuals taking advantage of working from home and maintaining a healthy work-life balance. IRS is well aware of the rising trend in working from home office. As long as you use the ‘Home Office’ as IRS defines it. This one tax deduction alone may save you several thousand dollars in tax. For example if you are an independent Information Technology contractor and mostly work out of your client’s office, however you use part of your home to manage the administrative aspects of your profession or business, you may qualify to take the Home Office Tax Deduction. IRS has specific rules to qualify Home Office Tax Deduction.

Make Life Less Taxing (Part One)
James Dicks examines the various ins and outs of filing your 2009 taxes.

7 Things Small Business Owners Should Know About Payroll Tax Problems
Learn how to avoid severe IRS penalties, huge tax debt and federal criminal investigation!

How To Keep The IRS Happy When Setting Up A Business
Here is some advice about what to do when setting up a business so as to be able to fill in your tax form for the IRS without any undue hassles.

Most Home Businesses Never Work!
Why do most home bases businesses never work? After all, millions of people , all over the world, have joined an opportunity or started a business of working from home. Some of the biggest names include Amway, Quixtar, Herbalife, Pampered Chef, Avon, Tastefully Simple. Is it the business plan that fails? Are they just scams? Are you a failure?

How to Settle Your Tax Debt by Negotiating a Payment Plan with the IRS
How to Qualify for an IRS Installment Agreement: If you cannot afford to make monthly payments and don't qualify for another type of tax relief, such as an offer in compromise, there are other options including negotiating that your account be placed in a "currently not collectible" status so that you will not be required to make payments and the IRS will not pursue collection action.

Frequently Asked Questions about Negotiating IRS Payment Plans To Settle Back Taxes

One way to settle back taxes and delinquent tax returns is to negotiate an Installment Agreement with the government that that allows you to pay liabilities over time. With so many Americans in financial distress, the IRS has pledged greater flexibility to help struggling taxpayers. Here are some answers to common questions that may help you determine if you may be eligible for these tax breaks and if a payment plan is the right option for you.

Frequently Asked Questions about Negotiating IRS Payment Plans To Settle Back Taxes

How to Avoid or Resolve a Tax Audit and Protect the Future of Your Business
With IRS audits on the rise, knowing how to avoid or resolve tax problems could save you money and protect your financial future. For anyone planning to start and/or grow your business, it is more important than ever to know what triggers an audit, how to avoid being audited and how to get tax help if the IRS is after you.

More Small Businesses Are Facing the Challenges of Delinquent Payroll Tax Problems
Small businesses and firms make up the backbone of our economy; yet so many of these businesses suffer from the IRS due to delinquent payroll tax problems. Find out how you can solve your IRS payroll tax problems before the IRS puts a payroll tax levy (or worse) on your small business. Follow these tips in this article to protect the future of your business and employees from the IRS.

The IRS Increased the Standard Mileage Rate
IRS increased the standard mileage rate but does the "actual expense method" yield better results?

Lesson #3: Take Your Foot Off the Brakes and Drive!
Newman’s first law: “It’s useless to put on your brakes when you’re upside down.”

Your Unfiled Delinquent Tax Return Checklist: Stop the IRS Now and Avoid Steep Interest and Penalties from Accumulating

Unfiled delinquent tax returns can weigh on you like a disease. Every unfiled delinquent tax return eats at you, year after year, compounding fear until you feel hopeless. So if you've got a late delinquent tax return, follow the simple steps outlined in this unfiled delinquent tax return checklist and get expert help from a tax attorney or a Certified Tax Resolution Specialist to check the IRS off you’re worry list forever.

Reduce Back Taxes and IRS Penalties: 7 Little Secrets the IRS Hopes You Never Learn
With years of record deficits (and even more in the proposed budget), the government is more eager than ever to get every dollar of back taxes and IRS penalties from delinquent taxpayers. If you find yourself owing back taxes and IRS penalties, here are the seven little secrets the IRS hopes you never see.

What To Do Before the October 15th Tax Extension Deadline if You Need Tax Help for Unfiled Tax Returns or IRS Back Taxes
Can't afford to pay your taxes? If you want to save yourself from owing additional back taxes and IRS penalties, you've got until the October 15th tax extension deadline to get the tax help you need from an expert CPA, tax attorney or tax resolution specialist. If you don't have money to pay the IRS or need help filing delinquent tax returns, know how to avoid IRS problems.

5 Reasons to File Delinquent Tax Returns: There's Still Hope if You Haven't Paid Your Taxes This Year
Did you pay your taxes this year? You can run, but you can't hide from the IRS! Find out what you can to do resolve your back taxes and avoid IRS penalties.

5 Simple Tax Tips for Individuals and Small Businesses
Avoid Stress While Saving Time and Money! Essential tax advice for avoiding common filing problems, plus easy tips for stress-free tax preparation and insider insight for saving time and money when dealing with IRS.

Seven Steps to Avoid Employee Lawsuits
Labor and employment disputes represent the top litigation threat to the majority of U.S. corporations, so it's no wonder that a major fear for business leaders is the fear of employee lawsuits.

Home Business Tax Advantages

Nothing beats having a home based business to call your own that you can rely on to pay all the bills and let you have the freedom to say goodbye to the nine to five grind. What many do not consider however is that because you will be working for yourself you will be responsible for paying your own taxes as there will be none withheld unless you set up to do so with a payroll company. Either way you do go however, there are some tax advantages that a home based business can offer a small business owner.

From Our Q&A “Can I deduct my Gun”

I have a question: Given the current economic situation and a concomitant rise in burglaries/ crime/ office break-ins... ...if I were to purchase a Wilson Combat .45 caliber piece of Dental equipment for my office ($3000), would said piece of equipment be deductible, and to what extent? I'm former military, concealed carry licensed, etc. Thank You for your consideration of this matter, Dr _________________

Psychographic Profile of an Average American Millionaire
Bullett points from the book "The Millionaire Next Door" by Thomas J. Stanley.

If You’re Serious About Improving Your Cash Flow . . . .
Here are 10 pointers on how to make a dramatic (positive) difference in your businesses cash flow.

Where to Find Growth Money For Your Business
Here are a number of unique ways to raise money for your struggling business.

How Does Google Search Engine Works?
Google is the undisputed king of the search engines. This leads to the question of how does Google work?

Clutter is Only Money in Your Pocket
Not all clutter needs to go out to a garage sale in order to make you money. By keeping all of your sales receipts you can give yourself some more money and time.

'Check' This Tax and Business Strategy
Using simple strategies to help your business run as smoothly as possible is as simple as using the right checkbook. This strategy helps maintain efficiently and productivity for your business.

Are You Telling Another Story?
An interesting look at how a good story can greatly enhance your marketing message.

Business Tax Tips - By Business Money Today
Many business owners focus on generating revenue growth but find themselves in trouble with the IRS. Here are some simple tips to help avoid future tax trouble.

Service Pricing Strategy: 3 Steps to Finding your Average Billable Hours Target
So how many hours a year can you realistically bill if you have a growing practice? What should be your target billable rate? Have you set your own goal for billable hours this year?

Section 125 Plans \| Good Group Insurance Benefits
Section 125 of the Internal Revenue Code outlines tax savings plans that are an innovative way for participants to save tax dollars. With these plans, group health plan premiums and eligible health care and dependent care expenses are paid with “untaxed” dollars. This results in a tax savings that increases your net take home Pay.

How, Why and When to File a Tax Extension
Getting into the home stretch of tax season, or are we? For some I guess, but April 15th for many is just another day.

Employee or Independent Contractor?
Most employers in our industry, whether the management company or the homeowners association directly, believe that substantial costs can be saved by their associations utilizing independent contractors in lieu of employees.

Top 5 Employment Practice Liability Myths. EPLI
EPLI - Failing Economy Plus Layoffs Equals A Lethal Combination… A Company can be Financially Devastated when a Savvy Trial Lawyer Teams up with a Disgruntled Employee to File an Employment Practices Related Lawsuit. Being an entrepreneur means protecting your business from potential Employment Practice Liability lawsuits.

Do You Have To Pay Home Business Taxes?
The simple answer to this question - do home business owners have to pay taxes - is an unequivocal YES. But rather than curse Uncle Sam, consider all the surprise deductions you're now eligible to receive as a home business owner, many of which you probably didn't know about!

What About Payroll?
Handle payroll the simplest and proper way!

The Importance of Bookkeeping
If you've been running your business for any length of time you understand the importance of bookkeeping and how neglecting it can create havoc!

INDEPENDENT CONTRACTORS ATTRACT INCREASED SCRUTINY

Government agencies, running record deficits, look to companies' use of independent contractors as a source for increasing revenues. Business sees independent contractors as providing much needed staffing flexibility. Taxing agencies consider independent contractors as tax cheats and force business owners to become enforcers of government tax policy. This article explores the criteria businesses need to follow to avoid a finding that your independent contractors are actually employees resulting in assessments for past taxes, penalties, and interest.

Taxing Your eBay Profits

As a small business person-slash-advice columnist I dread the first quarter of the new year. Not because in my mind my own business fortunes start at zero again every January or because I have already dismissed every New Year’s resolution I made when the clock rang out the New Year. No, the reason I dread the first quarter of the new year is that my email box floods with questions about business taxes and the IRS, my two least favorite subjects on earth.

Small Business Tips: Mid Year Business Review

I love the end of the financial year and that is not because I spent so many years at the Treasury Department! In January we set New Year’s resolutions but we often set them without clear indicators of success. If this is you, consider that money is one very tangible indicator of success - it is by no means the only indicator, but it is an easy one to measure. Where you are financially is a direct result of where you are emotionally, physically and spiritually.

Financial Fundamentals
It's very easy to go into business, and running a business is easy if you have great systems to track your finances automatically, effortlessly, and accurately. Those systems don't "cost", they truly pay off in wonderful ways. Follow the basics. There will likely come a day when you'll be delighted you did!

IS THERE ANY VALUE IN YOUR VALUE PROPOSITION FIVE TIPS FOR COMMUNICATING THE REAL VALUE OF YOUR SERVICES
By John Doerr Are You Different? In the course of my work with all manner of professional service firms, I hear a very common lament. “We are becoming a commodity. The prospects just seem to buy on price. We are really good. How can I possibly separate myself from the crowd?” My usual response is, “What can make you special? Why are you different?”

Tax Deductions For Home Business Owners
There are a large number of tax deductions for home business owners. If you have your own home based business, it is imperative that you learn as much as possibly can regarding the tax deductions that you can take part in. You are entitled to many interesting deductions that you may not had previously known about.

The Path of Least Resistance
Have you ever faced a situation where none of the obvious next steps felt good? Or what about a financial crisis and all of the solutions made you cringe? There’s nothing like feeling stuck or out of control that will give you a stomachache or a splitting headache faster. How do you use the laws of attraction deliberately when you don’t know how the heck to get to a better state of mind?

Hobby Loss Rule
Learn about the hobby loss rule and whether or not your hobby is for profit or in danger of an audit with this IRS fact sheet FS-2008-23, June 2008

Home Based Business Opportunities FAQ
Read frequently asked questions before deciding if home based business opportunities are right for .

Starting a Non-Profit
Starting a non-profit is rarely as simple as donating money to a worthwhile cause. Non-profits are run like businesses, and to start one, you have to prepare and take the necessary steps to create a legitimate enterprise. Here are some tips to get you started

Buy or Start a Home-Based Business?
When it comes to starting a home-based business from scratch, the unknowns can be daunting. One alternative you might consider is to buy an existing business.

Why doesnt the SBA include franchise territories in their loans and how am I supposed to finance the territory
This article will provide one very unique way to finance your franchise territory without carrying the liability of a loan!

2007 Circular 230 Revisions
Changes in the rules governing practice before the IRS

Garber on Business: Safe-guarding your reputation
Should you worry about your reputation? What is your good name worth to you in business? They say hell hath no fury like a woman scorned, but these days the maxim should be amended to "…no fury like a journalist deceived."

Complicated Tax Laws Mean Tax Franchises Boom
Franchises that offer tax-related services may seem like a seasonal business, but it's a category that's booming, thanks to the complicated US tax code.

Audits: Always Be Prepared
Don't ever assume you won't be audited. It can happen to anyone and you need to be prepared. What many people overlook is that you will need much more than your receipts to be properly prepared for an audit. We have provided a list of items you should keep in mind at all times in case you are later audited:

Create Passive Income: Stop Trading Time for Money
The IRS defines passive income as income from "trade or business activities in which you do not materially participate". Traditional sources are dividend/interest income from investments, rental income and royalties from books.

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