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Setting up an LLC for Your Business

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A new year is coming, and that means it's time to re-evaluate your home business. Is it working properly in its current form? Last year, I decided that a sole proprietorship wasn't right for me, and I set up a Limited Liability Company (LLC). Setting up an LLC can be done on your own, but I found it totally worth the $150 I paid an accountant to help me set mine up (he does my taxes now, too).

Pinyo over at Moolanomy offers some simple steps to follow when you set up your LLC:

1. Get a copy of the LLC forms needed for your state.

2. Select an appropriate name for your home business. It should end with "LLC" or "Limited Liability Company" to designate your business type. (My home business is called "Miranda Marquit Freelancing, LLC." Boring, but it gets the job done.)

3. Complete the form and turn it in. You will probably have to pay a business license fee to your state.

4. Publish a notice in the newspaper, if required. Some states require this, and others do not. Some states require that you publish before you turn in your LLC form. So make sure you know the regulations ahead of time.

I'm glad I switched my home business to LLC. It's been beneficial in terms of taxes, and I found a good accountant on top of it!

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Retailers Think They Deserve a Piece of the Bailout Action

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If you are a small home business, you already know how often your needs are overlooked. But this time it might different — sort of. Retailers are asking for their own economic stimulus through a sales tax holiday. If your home business collects sales tax, this might help bring more customers who are willing to spend more when sales tax isn't added.

The plan, put forth forth by the National Retail Federation, calls for 10-day swaths of tax free shopping in March, July and October 2009. States would be reimbursed for lost revenue by the federal government. While this might help stimulate consumer spending, a better idea might be offer individuals a bailout.

What do you think of this economic stimulus plan?

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Staying Healthy: Avoid Overindulgence This Holiday Season

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One of my issues during the holiday season is overindulgence. I love sweets. And I love other foods as well. And everywhere I look during the holiday season there are good things to eat. Craaaaazy good things to eat. Add that to the fact that I am stressed about getting everything done while having holiday distractions, and it's a recipe for weight gain.

And I'm talking more than the 7 pounds the average American puts on during the holidays.

But there are ways to avoid overindulgence this holiday season. Here are some things you can do to help limit your food eating (and beverage drinking) during the holidays:

* Smaller portions. This is something I am working on. I try to savor one (or two) delicious — but small — portions rather than going whole hog and gorging myself on three or four portions. My sad exception is chocolate. But I'm working on that.

* Drink water. This helps fill you up so that you are not as hungry. And for those who like a little alcohol, it will also slow your intoxication.

* Stop eating when you feel full. This is hard for me to do because I so enjoy food — the taste, texture, the experience. So this is where portion control helps; I can eat a little of everything, without overindulging.

Do you have any tips that help you avoid overindulgence during the holidays?

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Working From Home: Going on Break

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When you are working from home, sometimes you forget that you need to go on break. People working for "The Man" get a 15 minute break a couple of times during the day — you should as well. Remember that breaks are necessary to help us relax, energize and re-focus. Going on break is something that can actually enhance your overall productivity — as long as you take your breaks properly.

Going on break when working from home

Going on break is one of my favorite tips for increasing productivity when working from home. Here are some tips for making sure that you have a good break when you take one in the course of working at your home business:

* Get up and move around. Stretch. Walk upstairs. Walk around the block. Whatever.

* Think about what you have accomplished so far, and what you need to get done.

* If needed, take a relaxation break in another room. Meditate or power-nap.

* Have a snack. Try to make it healthy. Carrot sticks, apple slices and string cheese are great options.

* Get a drink. It's best if it is water. Better yet, keep water in your work space.

If you are careful about how you go on break, and if you take proper steps to ensure that your body and mind are refreshed, you will find that you work better throughout the day — and your home business will have a better chance of thriving.

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Holiday Distractions When Working from Home

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Everything changes during the holidays when you are working from home. Kids aren't in school, spouses are taking time off work. It means more distractions as you try to get everything (from cards to presents to baked goods for the neighbors) put together. So it makes working from home a little bit different.

I know my schedule is all sorts of messed up — and my son still has another day of school before the break!

The issue I have is that my husband is working on a Ph.D. He only has to go in for his assistantship for 10 hours a week, so, since the semester ended, he's been home most of the day every day (he goes in Tuesday and Thursday for 5 hours). And when he's home, he expects me to pay attention to him. This whole thing is getting out of hand.

Which is why my work schedule is waaaaaay off and I'm frantically trying to get things done. Distractions keep cropping up, and it's really hard to say "no" when all these distractions are in your work area. I may have a dedicated office, but my family can still find me rather easily.

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Yes, You Have to Pay Taxes On Your Home Business

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It is true that you have to pay taxes on your earnings from your home business. If you make more than $600 a year, you have to report it — even if you are a sole proprietorship not "officially" listed as a business. Indeed, it is vital that you report your home business earnings, since the government always wants its cut. And eventually the IRS will discover if you’ve been holding out.

Over at Home Biz Notes, Jean Murray has a list of common tax myths that often afflict the home business:

1. The IRS doesn’t think you’re a business unless you register as one. Not true. You are a sole proprietorship. That is a business. And you have to pay taxes.

2. If I’m not getting paid much, reporting isn’t necessary. See what I wrote above. If you make more than $600 a year, you have to report it. Even if your clients don’t send you a 1099 (some of mine don’t).

3. Non-registered home businesses don’t have to pay Social Security and Medicare taxes. I wish. That along would have been enough to keep me from switching to the LLC. However, even a sole proprietorship has to pay into these programs — on top of the self-employment tax. (I’ll tell you who needs a tax break/bailout to get through this recession — home business owners!)

4. Barter doesn’t have to be reported. If you are trading services with someone, you do need to report it. If you don’t you can’t deduct expenses incurred for the work you did as part of the arrangement.

A good tax preparer can help you figure out what you need to pay for your home business, and how to pay it.

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Finding a Tax Preparer for Your Home Business

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Even if you have a sole proprietorship, it can be worth it to get a tax preparer. I have one for my LLC, and if you have an S Corporation, I highly recommend a tax preparer. It is important to carefully consider your tax preparer, however. Consider the following items when finding a tax preparer for your home business:

* Get references from others.

* Talk to the tax preparer. Does s/he seem to be interested in your individual situation?

* Look for someone with a professional manner.

* Shop around to find the best fit.

It is important to build a good relationship with your tax preparer, since you will probably use him or her again, year after year.

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