Work Shak Archives - Page 39 of 123

Saving Money on Health Insurance: Higher Deductible

: Image by Steve Rhodes via Flickr

One of the most difficult things to do is to find ways to save money on health insurance. When you have a home business, it can be even more difficult to do what you need to, since you don’t have the help of an employer who pays part of the health insurance premiums. You can find group rates, though, it you look hard enough.

But another thing you can do is to get a higher deductible. Check the deductible on your health insurance plan. In many cases, you might only have a $500 deductible. If you can afford a higher deductible, like $1,000, $2,500 or even $5,000, you can save on the premiums. Sometimes, you can save as much as $300 a month, just by getting a higher deductible. You will have to pay more out of pocket, but if you plan ahead, and have a savings account for this (maybe a Health Savings Account), you can more easily afford it.

In the end, a lot of things about your home business come down to cash flow. While it’s nice that you can get a tax deduction for what you pay in health insurance premiums when working from home, having something more tangible day to day that helps keep things moving properly in terms of your cash.

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Adjusting Your Freelancing Workload

by Miranda Marquit Leave a Comment

: Image by Bright Meadow via Flickr

One of your work from home New Year’s resolutions might be to reduce your freelancing workload, or to find more time for other pursuits. This is important, since you don’t want to be stressed too much about what is happening in your home business, and have it encroach too much on the rest of your life. However, it is important to carefully consider your options before adjusting your freelancing workload. Here are some things to consider as you work on changing things up with your home business:

* Cost efficiency of clients. Consider renegotiating your fee with clients you have had for a long time, giving them a chance to pay what you are worth. Some clients, though, may not be cost efficient at all, and it is time to let them go.

* Stress level associated with clients. Sometimes your relationship with a client is more of a factor. If you don’t like the work, or if the client stresses you out, or you find the work difficult to deal with, it can be a good idea to cut ties with that client, and keep a less stressful client, even if s/he is less cost efficient.

* What you can handle. Consider your quality of life. If you can afford to cut back in order to spend more time with your family, or do something for yourself, it might be a good idea to do so.

For courtesy’s sake, though, it is a good idea to let your clients know at least two weeks in advance, so that they have time to make other arrangements.

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Friday Fun Video: All About Garage Sales

by Miranda Marquit Leave a Comment

In this classic Homestar Runner video, Strong Bad explains the different types of people that frequent garage sales. Enjoy!

Happy Friday!

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Why I Use a Tax Preparer for My Home Business

by Miranda Marquit 1 Comment

: Image by Getty Images via Daylife

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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Bookkeeping Checklist for Your Home Business

by Miranda Marquit 4 Comments

: Image by 427 via Flickr

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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Increasing Your Productivity in 2010

by Miranda Marquit 1 Comment

: Image via CrunchBase

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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Book Review: I’m at a Networking Event — Now What???

by Miranda Marquit Leave a Comment

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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Friday Fun Video: JibJab’s Year in Review

by Miranda Marquit Leave a Comment

2009 was a bit of a crazy year, eh? I’d forgotten about a lot of what went on, but this video year in review from JibJab refreshed my memory in a rather funny way. I hope you enjoy this first day of a new year!

Happy Friday!

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Happy New Year from WorkShak!

by Miranda Marquit Leave a Comment

Its time to begin another year, and I hope that you are set for a more successful 2010. Good luck with your home business resolutions, and may you find a little more prosperity and happiness in the coming year.

Image source: onemonkeyshow

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Home Business New Year’s Resolutions

by Miranda Marquit 2 Comments

: Image via Wikipedia

As the new year approaches, many of us think about what we would like to accomplish in 2010. I’ve got my own personal and financial resolutions, as well as a couple for my home business. I thought about what I’d like to accomplish, and asked myself a few questions. And, really, I came up with a rather short list of home business New Year’s resolutions:

* Cut ties with clients that demand more and pay less.

* Focus on developing a more targeted plan with social media.

* Begin deciding which clients to cut as my husband finishes his Ph.D. and looks for a job.

I am really fairly satisfied with my home business overall, and quite happy with the way things have been going. I am fortunate in my connections, and my hard work laying a foundation over the years has paid off. Now it’s about refining my focus to a point where I might have time to write my own book or develop my personal blog. Those goals are another year or three in the future, but what I do now will eventually get me there.

Do you have New Year’s resolutions for your home business?

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