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Home Business Tax Question: Can I Deduct My Home Phone Bill?

It's tax season, so I'm not surprised that I'm getting questions about home business tax deductions. I got this question from a reader:

I use my home phone regularly to make business calls. Can I deduct these expenses from my taxes?

The short answer is no. But we're talking about taxes, so of course there is more to it. First of all, you are not allowed to take a deduction on the first line into your home. If you get a second line for your home business, that would be tax deductible. If you use your second line for something other than business, you will have to figure out what percentage of your phone use is for business, and only take the percentage as a home business deduction.

You can also take a home business tax deduction on long distance phone calls you make for your business. Before I started using Skype for international calls, I regularly deducted the money paid for calling overseas. Incidentally, you can deduct the money you spend for business use on Skype.

Find out more about business deductions from IRS Publication 334.

Disclaimer: I am not a tax professional. Before taking any home business deduction, check with an accountant or other tax professional.

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Self-Employed and Filing a Schedule C? GoBootstrap Can Help

by Miranda Marquit Leave a Comment

In many cases, those with a home business find that personal finance software doesn't quite do the trick when trying to keep track of Schedule C expenses and income. Additionally, there are cases that regular business software applications don't really do it for some of the smaller home business operations.

One of the more interesting applications that seems to be helpful for those who want Schedule C help is GoBootstrap. Two of the features that seem especially appealing include:

1. 1099 form support that helps you keep track of the 1099s you need to file for contract workers you might have hired.

2. Generation of Schedule C forms — automatically.

The entire concept of GoBootstrap seems to be one that manages to make things easier for those home business owners, sole proprietors and others who need a little help organizing things come tax time when it comes to the Schedule C. Other features include income and expense tracking by category, the ability to flag business expenses you aren't sure are tax deductible, learn how quarterly tax payments are estimated and check your profits easily.

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Friday Fun Video: Googly Eyes on Money

by Miranda Marquit Leave a Comment

How would you like to be sitting in a board room and then see a pile of money watching you?

Happy Friday!

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Hiring a Virtual Assistant to Help You with Your Home Business

by Miranda Marquit 1 Comment

Last month, I wrote a post about the job opportunity provided by being a virtual assistant. But what if your home business has grown to the point where you need some help? You may not need full-time — or even true part-time — help, but someone to take some of the stress might be helpful. A virtual assistant is someone who can help you organize your home business, and help you perform certain tasks that you may not have time for. The virtual assistant, as you might guess, is someone whom you contact mostly over the Internet, or over the phone. You coordinate long-distance.

Hiring a virtual assistant

If you decide that a virtual assistant could help you with your home business, consider these tips for hiring one, from Laurie Mapp on Freelance Parent:

* Consider what skills you need in a virtual assistant, and look for someone who has those.

* Decide, ahead of time, what you will need the virtual assistant to do.

* Be realistic about pay. A good virtual assistant will require at least $20 per hour. (But you won't have to pay benefits.)

* Make sure that you are clear on billing issues and other payment procedures. Use a contract.

* Referrals are good, but you can also find virtual assistants on Twitter, VAnetworking or IVAA.

A good virtual assistant can free you from some of the time-consuming and tedious tasks related to your home business, leaving you free to focus on growing your business.

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Can You Start a Home Business for Less Than $630?

by Miranda Marquit Leave a Comment

Last week, I wrote an article about different home business ideas that cost practically nothing to start. Today, I came across an interesting article on My Wife Quit Her Job about how it is possible to start a home business selling merchandise for less than $630. That's more than "practically nothing", but it is still quite a bit less than many businesses start for these days.

Home business made possible through the Internet.

At any rate, if an online store is what you are looking for, here is what you need:

*Hosting

*Shopping cart software

*Digital camera

*Shipping materials

*Computer

*Inventory (not much to begin with — especially if you do affiliate marketing)

If you shop around, you can get most of this stuff for pretty cheap. However, be warned: Sometimes you get what you pay for. I suggest that you find a Web host that charges some sort of a (small) monthly fee, and offers you plenty of disk space and bandwidth.

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Free Business Advice at Totally Her Today

by Miranda Marquit Leave a Comment

Right now, a great chat is going on at Totally Her. There has been some great business advice already given, and more to come throughout the day. There's been great information on taxes, business formation,
SEO and more. I would take a few minutes to check out what's available from Business Advice Day, and then go ask a question.

I just watched the Presidential Inauguration of Barack Obama, and I am feeling optimistic — about my home business and the year to come. And I hope it shows through in my chat shift later today.

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Inauguration Day Tomorrow: Hope for Small and Home Business?

by Miranda Marquit Leave a Comment

Tomorrow, Barack Obama will be sworn is as President of the United States. There is a great deal of hope attached to the soon-to-be president, and it remains to be seen whether these hopes are realized.

For many involved with small and home business operations, I think that there is a great deal of finger-crossing related to promises of a new economic stimulus aimed at helping those of us closer to the economic bottom, rather than focusing on big companies at the top.

And another thing to look forward tomorrow is Business Advice Day from Totally Her. I'll be participating. Even if you don't end up with much help for your home business from the government, I, along with other businesswomen, can help you increase your chances of success — even in this economy.

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Friday Fun Video: Economic Stimulus = Good Times

by Miranda Marquit Leave a Comment

This week I though I’d post this video on what has been all sorts of fun this week: Wrangling over economic stimulus, foreclosure help, tax cuts, job creation, TARP funds and other items related to our sad financial state.

Happy Friday!

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Unemployment Benefits for the Self-Employed: You’re Out of Luck

by Miranda Marquit 6 Comments

One of the downsides of being self-employed is that you often do not get many of the benefits that traditionally employed workers enjoy. And one of those benefits is unemployment benefits.

As news of the economy continues to affect many of us, concerns about home business income are mounting. While I haven't had a hard time yet, I do worry about what happens as my clients begin to feel the pinch. And, of course, I wonder about this: What if I can't get new clients?

Unfortunately, those of us who are self-employed do not have a way to supplement our income while we search for more work. Unemployment benefits are not paid out to the self-employed — even if you can take in your tax returns and show how much you have been making.

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Get Free Business Advice on Inauguration Day!

by Miranda Marquit Leave a Comment

Coming up on Inauguration Day, January 20, Totally Her is offering a day of free business advice. You can stop by and ask some ladies with business knowledge anything you want to know about business — and get your question answered.

The event is called B.A.D. (Business Advice Day), and I am participating. My time slot is 4 p.m. Eastern. I'll be answering questions about managing a home business while balancing your life. There will be plenty of other businesswomen available as well, and they have plenty of good advice to offer.

So, if you have a business question, join us on Inauguration Day. (We will, of course, be taking an hour off at 12 p.m. Eastern to watch the Inauguration Ceremony for Barack Obama.)

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