Home Business New York City-Having A Home-based Business Makes $$$, But It Makes Sense

Home Business New York City-Having A Home-based Business Makes $$$, But It Makes Sense


Have you ever heard the phrase, "Uncle Sam wants YOU"? Sure youhave. I'll bet however that you've never heard it expressed thisway… Uncle Sam wants you to succeed…or how about this…Uncle Samloves you and wants to put money in your pocket? Think I'mcrazy? Let me explain. If you are a home-based business owner,your very own United States Government loves what you are tryingto do and wants to help. That's right. Home-based businessescontribute in a big way to the health of our economy. In fact,small businesses are the proverbial backbone of our economy. Thefinancial growth and prosperity of our nation can be traced backto the growth and roots of small business. Because of this,Congress and state legislatures desire to help the growingmillions of Americans who own home businesses to succeed withgenerous tax breaks and other ways to subsidize their home based businesses.



Going on the assumption that you are either now a home business owner or you are considering the possibility, the governmentloves you and wants to put money in your pocket. One of thebiggest advantages of running your own home business is the taxadvantages the government has put in place for you.


Consider this…


Let's say you were in the market to expand the size of yourhome. Based on your budget, you know you can afford a home thatwill cost you about $1,500 per month. Since you are a home business entrepreneur, you can add to what you are going to payfor office space, say $500 per month, to what you can afford topay for a home. Since you have your office in your home, you canallocate that money to expand what you could otherwise affordand get a larger home for you and your family and to accommodateyour home business. Putting that money into your mortgage is alot better than throwing it away paying a lease for officespace. Not to mention, a very healthy tax deduction is in orderfor you because your business is based out of your home.Additionally, a percentage of the expenses it takes to run thehome are tax advantages for you too like mortgage interest,insurance, taxes, utilities and more! Such deductions is likeputting money in your pocket quarter after quarter afterquarter. In effect, the IRS is helping you purchase your newhome. Having a home-based business truly can be one of the bestthings you can do for you and your family.



Here's another thought to consider…


Do you realize that you can break even or even show a LOSS inyour business and still make thousands of dollars in theprocess? It's all thanks to being a home entrepreneur. You maywonder how is this possible? It's all a result of tax savings.Owning and home-based business running a is one of the greatestand ever shrinking tax advantage shelters that American citizenshave left.


Aside from the tax savings and advantages, owning your ownbusiness is your chance to say goodbye to potential caps to yoursalary, downsizing and the like. If you position yourselfcorrectly, there's no limit to what you can earn. The sky istruly the limit. Plus, the control of your own time is somethingthat's hard to put a value on. After all, you're the BOSS!Naturally, you can start part-time like many people do or youcan jump in head first and go full time from the get go. Be sureyou have the wherewithal to take that leap though because aswith any business there can be growing pains in the beginning.



When you take into account the lucrative tax benefits andsavings along with the many benefits of being business foryourself, it's easy to see why a home-based enterprise is soappealing to millions of Americans.



How does all of this work exactly? That's a good question. Oneto specifically ask your accountant or tax advisor. What I cantell you is that there are numerous ways for home business owners to convert everyday expenses into tax deductions. Do youlike to take vacations? As a home business owner, you may beable to deduct all or part of your vacation expenses if you cangive your vacation a valid business purpose.


For those of you starting part-time while still working yourcurrent job, you can reduce your personal taxes on your incomeby offsetting your income with any loss you show in yourbusiness. How great is that?!?


Finally…


For this all to really mean anything to you as a home business owner or someone who is considering it, you want to make surethe IRS sees your enterprise as a real business and not just ahobby for you. Factors, such as your expertise, how you operateyour business, the time and effort you put into it and so ondetermine whether your business is really a business or just ahobby. If your enterprise is truly a business, you can tap intoa gold mine of tax benefits. Uncle Sam wants your business orpotential business to be successful. It simply makes good senseto get one up and running ASAP! If you already have one,hopefully now you are more aware of the tremendous benefits outthere for you to take advantage of. Despite the many mentionedhere, there are more! Ask your account or tax preparer to helpyou make the most of your home business.


About The Author: Todd Thomas is the President ofhttp://workathomefordummies.com!-/http://www.workathomefordummies.com/ and writes business relatedarticles ranging from internet business to network marketing andeverything in between. Todd is also a baseball coach and hittinginstructor. He owns http://www.hitithere.net/. Contact athttp://us.f543.mail.yahoo.com/ym/Compose?To=support@workathomefordummies.com&YY=57257&y5beta=yes&y5beta=yes&order=down&sort=date&pos=0&view=a&head=b for info on articles for yourwebsite!