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Now May Be the Time to Set Up an LLC

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I love my LLC. I’ve seen tax advantages over the sole proprietorship that I used to be. And there is liability protection to a certain level. I’ve always maintained that the LLC was worth more than the $150 I paid the accountant to set it up. But now it is possible to get your LLC for free.

Cash Money Life reports that MyCorporation is offering a special this week: free assistance filing for an LLC or Corporation. There are plenty of advantages for turning your home business into something very company. A legal business offers protections and advantages that you just can’t get when you are an informal sole proprietorship.

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Home Business: Shun the Word “Home”

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For me, it’s nice to be able to say, "I work from home." However, I don’t use the name "home" in my official business name (Miranda Marquit Freelancing, LLC). And for good reason. Miranda Marquit Freelancing tells what I do, and it sounds professional. Home Biz Notes offers a great example of professionalism v. something else:

Cindy’s Home Crafts, for example, doesn’t sound as professional as The Craft Boutique.

Okay. So maybe I should have left my name out of the home business name. But it still works alright, I think, for a writer.

At any rate, the goal is to be taken seriously. And, unfortunately, home business is still seen largely as a hobby. Even though my husband sees my writing as a hobby sometimes — and he knows that I’m the primary breadwinner.

So, try to seem bigger than you are, and portray some professionalism. You may have a home business, but you don’t need to advertise it in your name.

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Home Business Tax Myth: Red Flag for Deducting a Portion of Your Mortgage

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One of the myths surrounding home business tax preparation is that if you deduct a portion of your mortgage for your home office space deduction, it is a red flag to the IRS, and will put your return in greater danger of audit.

While this may have been true in the past, it is becoming less and less the case. This is because many people are earning money from home, and telecommuting is on the rise. The IRS recognizes that an increasing number of people are choosing to deduct a portion of their mortgage or rent payments (and utilities) on their taxes.

Of course, it is important to realize that if you want to take that deduction, the space in question has to be dedicated home business space — and not used for anything else.

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Is Your Home Business Going to Have to Lay People Off?

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The latest jobless claims data is in today, and it appears that we’re at a high not seen for 16 years. And, while we see the big news, like massive layoffs from Citi, there are thousands of other layoffs taking place in a much more dramatic fashion: Small business is being impacted by the economic slowdown.

If you hire people as part of your home business, you may be finding that it might be difficult to maintain their hours — or you may have to lay them off altogether. Although many home and small business people are hoping that the holiday shopping boost will help fend of the inevitable for a little bit longer.

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Save Energy in Your Home Business — And Save Money

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With the economy the way it is right now, many people — especially in the home business arena — are concerned about saving money. And one way you can save money is to save energy in your home business. Yes, it’s nice to be green. But in times like this, it’s all about the bottom line. So it’s convenient that saving energy can help your home business become more environmentally friendly while saving you money.

Home Biz Notes offers these suggestions (some of them quite simple) to saving energy — and money — for your home business:

* Use the "sleep" feature on home office machines.
* Use the power strip to turn off all machines at the end of the day.
* Plug leaks around windows and doors.
* Use CFLs. They are becoming less expensive, and they’ll save you money in the long run.
* Get a tune up for your appliances (water heater and furnace especially).

What do you do save energy and money for your home business?

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Tax Deductions for Your Home Business

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The year is drawing to a close, and that means it’s time to start thinking about taxes. Actually, it’s best to think about them year-round, keeping your files organized. At any rate, start the receipt-hunting now so that you aren’t rushed later on. And remember that there are many tax deductions that you can take when you have a home business.

And the cool thing is that since the home business is becoming more and more common, some of what would have been a red flag before no longer is. Here are some of the items that My Two Dollars points out can be deducted from your taxes:

* Health insurance
* Fees and costs associated with your home business Web site and blog
* Bank charges
* Tuition fees
* Business gifts
* Research materials and publications used for your home business
* Advertising costs
* Computer and accessories
* Internet access
* Cost of cell phone use
* Business cards and other promotional materials
* Percentage of mortgage/rent and utility bills
* Postage costs and mailbox fees
* Business travel costs
* Office supplies
* Donations made by the home business

And, you can also deduct PayPal fees from your income, lowering that a bit. I do this every year, since most of my clients pay via PayPal.

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