Home Business Taxes-How To Stop Taxes In Your Home Business From Sneaking Up On You
So how does it happen? Very simple. You have a breakthrough year. Breakthroughs have a tendency to happen without notice and become an avalanche of cash. That is the good part. The bad part is that most people are so used to scraping by that they are unprepared for their new found wealth. The end of the year approaches and BAM the tax bill makes them pass out.
Here are things you should talk to your accountant about. Incorporation. First and foremost. My wife and I only had a DBA and a business account and we ended up paying $60,000 instead of $30,000. That's right; double the taxes for not being incorporated. Keep track of receipts when you eat out and ALWAYS write the name of the waiter on the top. If you leave a card for the waiter you can usually write off the lunch but you MUST write the name of the waiter on your receipt to keep good records. Use one credit card and bank account for business and one for personal. When you mix these two up it can be a records nightmare at the end of the year. Deductions will get lost. There are many more things you should look out for but these are the ones we messed up. Talk to a good accountant for the right advice.
Related Tags: work from home, mlm, network marketing, direct sales, home business taxes
Aaron Parkinson (aka The Lazy Loaded Guy) is a full time network marketer. After generating over 1 million dollars in direct sales he is now on a mission to assist other marketers in building profitable businesses. Aaron is the co-founder of http://www.profitwildfire.com, a self funded marketing system that shows people how to generate their own leads at no cost. You can reach Aaron directly at aaron@creatingfortunes.ws or 250 813 1207
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