In this classic Homestar Runner video, Strong Bad explains the different types of people that frequent garage sales. Enjoy!
Happy Friday!
Friday Fun Video: Garage Sale with Strong Bad
Here’s a classic from Homestar Runner. I love Strong Bad, and loved this thing about garage sales.
Happy Friday!
Why I Use a Tax Preparer for My Home Business
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Many people like to do their own taxes, rather than pay someone else to do them. While I understand this mindset, I am glad the I use a tax preparer for my pass through home business LLC and for my personal tax return. For years I did my own taxes, even when I filed as a sole proprietor. However, when I switched my organization to the LLC, added some investments and began itemizing, I decided that perhaps things were getting a bit too complex. I am perfectly capable of taking care of it myself, but it is so time consuming.
I have to read instructions, make sure I have the right forms, and keep up with all of the ins and outs of new tax laws, credits and deductions. Sure, I could buy some software to figure my state and federal taxes, and do it for my business as well, but by the time I paid for the proper edition, it would only be a little less expensive than using my tax preparer. On top of which, we go back to the time thing. With the tax preparer, I bring my (well organized throughout the year) stuff in, talk to him for about half an hour, and then leave for an hour and a half, running errands and being generally useful, while he prepares everything and gets it all ready for e-file.
Even with software, I’d be sitting there for a couple hours in front of the computer. And when I add in what my time is worth, it tips the scales in favor of the tax preparer. It’s more convenient, I have more time, and it’s worth the cost.
What about you? Do you use a tax preparer?
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Consumers Ready to Abandon Frugality?
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In the time frame of our short attention spans, this recent recession has been a bit long. Many people who have changed their spending behaviors in accordance with economic conditions appear ready to slide back into pre-recession habits. At least that’s the hope offered by retailers reporting their December sales results.
Last month saw the best monthly retail sales in more than 20 months, with consumers ready to spread a little Christmas cheer after abstaining during the recession. Additionally, rock-bottom discounts in the post-holiday sale fervor further tempted consumers. But, of course, the real point is that consumers appear to be developing comfort with spending money again.
While this is likely to provide a boost to the economy, it is not likely to do much in terms of actually helping individual finances. This is because, in spite of the frugality seen in recent months, many Americans are still in debt. While the savings rate has risen, and debt has decreased, it hasn’t been by enough to overcome the credit spending spree that characterized the 15 or so years leading up to the most recent recession.
If consumers are already tired of frugality and ready to dive back into the instant gratification of credit spending, all it will do is once again raise their debt, reduce their savings — and put them in a worse position for the next economic downcycle.
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Bookkeeping Checklist for Your Home Business
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2009 is over, and 2010 is underway. However, you might be getting your home business accounts in order for tax time and your tax deductions. This is a good thing. Outright.com emailed me a checklist of things you should be doing this time of year:
* Record transactions: You want to make sure that you have recorded everything from your various accounts. Without records, these things don’t exist. You can double check transactions against your statements and/or digital receipts that you might have.
* Categorization: You want to make sure that everything is properly categorized in your records so that it can be appropriately deducted on your tax return form.
* Remember mileage: Hopefully, you have been keeping track of the mileage you use when traveling on behalf of your home business.
* W-9s and 1099s: You need to issue 1099s for your contractors by the end of January. This means that you need to make sure that you have updated W-9 forms from those that do work for you throughout the year.
* Estimated taxes: Your last installment of estimated taxes for 2009 is due January 15th, 2010. Make sure you get that off on time, since the IRS will charge you an interest penalty if you are late.
* Check your P&L: After you prepare your yearly profit and loss statement, it is a good idea to check over it. And then check over it again. You want to make sure that everything is in proper order, and that your P&L is accurate.
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Choosing a Mortgage Lender
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When it comes to getting a mortgage, you want to make sure that you are getting a good deal, and that you are choosing a mortgage lender that can help you through the process. This can also be helpful when you are looking to refinance. As you choose a mortgage lender, it is a good idea to shop around a bit first. Chris Bibey, at the Bankruptcy & Foreclosures blog, offers three tips that can help you as you choose a mortgage lender:
1. Consider reputation: Look for a mortgage lender with a good reputation. You can usually find information on banks and brokers. Get references from friends and relatives.
2. Look for a low mortgage interest rate: This is probably the most important aspect of your home mortgage loan. Shop around for a mortgage lender offering a low rate. You can also look for other helpful amenities like reduced closing costs. You should also consider a mortgage lender that is knowledgeable about different programs.
3. Don’t be too hasty: Even though you may want to move through quickly, make sure you take some time to carefully review your mortgage financing options, and choose the mortgage lender you are most comfortable with.
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Increasing Your Productivity in 2010
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If you’re like me, you’re always looking for ways to increase your productivity when it comes to your home business. The good news is that there are plenty of technological boosts that can help you improve your productivity. Wisebread offers these suggestions to technology that can help you look for better productivity in the new year:
1. Snag It: This helps you keep track of media in which your business is mentioned.
2. Wireless all-in-one printers: Print from any device with a wireless printer. Make it all-in-one, and you can copy and fax as well.
3. Social Oomph: Boost your Twitter presence by scheduling tweets, tracking, URL shortening and other features.
4. FreshBooks: Manage invoices and billing with FreshBooks. You can integrate FreshBooks into your system, and use the professional looking presentation to sharpen your image.
5. picnik: This helps you turn your photos and other graphics into attractive buttons, avatars and profile pictures.
6. Future Email Services: There are email services that will send you emails to yourself at a future date. If you want a reminder delivered on time, schedule it to be sent when you need it, and you can see it when it does you the most good.
7. Power Pack: Energizer makes a light, easy to carry power pack to recharge your cell phone. This can help you avoid the problems that come with a dying cell phone.
Some of the items on this list can be costly, and some of them, like Snag It and Social Oomph, seem a little superfluous. I find that the printer, FreshBooks and power pack appear to be the most useful items for home business productivity. If you are looking for some ways to boost productivity and you aren’t sure where to start, these ideas can help.
Good luck to your home business in the new year!
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Considerations when Buying Foreclosures
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While the housing market is slowly improving, the fact of the matter is that foreclosures are still very much on the market, and provide a number of interesting opportunities to buy. However, as you move forward with buying foreclosures, it is a good idea to keep some of these considerations, from Real Estate Pro Articles, in mind:
1. Look for a foreclosure in a good location.
2. Research your foreclosure choice, and learn about its back story. Watch out for liens against the home.
3. Keep within your budget, understanding that sometimes even foreclosures can end up out of your price range.
4. If you decide to buy a foreclosure at an auction, make sure that you understand the rules.
5. Know that an auction is not your only choice. You can look for foreclosure listings elsewhere and buy homes from a number of sources.
It is also possible to look into other distressed homes, such as those in pre-foreclosure, or homes that are being sold short, for less than the owner owes.
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Book Review: I’m at a Networking Event — Now What???
One of the most important things you can do for your small business is to do a little networking. However, you can’t just show up to a networking event and expect everything to just turn out. You need to have a strategy. And that is where I’m at a Networking Event — Now What??? by Sandy Jones-Kaminski comes in.
This book is a guide to making quality connections when you attend network events, as well as providing you with insight into how you can build “social capital” wherever you go. The books is written in an easy to understand style that provides insight into how social networks — online and offline — actually work. That way, you learn the basics of how to connect with people, as well as gaining knowledge of what to avoid.
Jones-Kaminski offers a helpful handbook for those who are struggling to understand what they need to do in order to find success through networking their home business. With a little help from this book, it is possible to gain something of an edge. This book is available in paperback and in PDF format as an eBook.
(Disclosure: I am not being paid to promote this book. However, I am an affiliate of HappyAbout.info, and my affiliate link is included. I am also co-authoring a book that will be published by HappyAbout.info.)
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U.S. Economy Looks for Improved Outlook in 2010
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The U.S. economy is expected to continue to show improvement as we move into 2010. The improvement is likely to continue at a modest pace, though. As the new year gets underway, the economy is expected to slowly expand. Rapid expansion is not predicted, since there still remain significant challenges to the economy. Action Forex reports on difficulties still facing the U.S. economy:
Furthermore, we should not forget that the Fed signaled within the FOMC rate decision that economic activity remains under pressure from elevated unemployment, lower income growth, lower housing wealth, and tight credit conditions continue to weigh down on economic activity, as the economy will probably remain weak and will only recover gradually, while the Feds still believe that the ongoing economic weakness will continue to weigh down on inflation.
Until the employment picture begins to show marked improvement, we are unlikely to see a great deal of economic recovery. Until then, chances are that economic improvements will be small and slow in coming.
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