Setting Goals for Your Home Business Plan

It is important to have specific goals and tasks. When you are creating your plan, don’t use vague references like ‘eat breakfast’ – make it specific: ‘eat eggs, toast and bacon for breakfast’. That way when you sit down to actually accomplish the necessary tasks to run your business, you know exactly what you need to do.

It is also when you are creating the plan that you will set your goals and make sure you are able to perform whatever you need to without being interrupted or having everything in ‘pending’. For example you can’t have eggs for breakfast unless you first go to the store to buy the eggs. So take some real time on the details to create your plan so that it will run smoothly and you can actually do what you need to do rather than to keep going back to the planning stage.

Lists are great but if you have too many things to do they can actually make it worse for you psychologically in that for one th

Why Do You Want to Start a Home Business?

Most people likely would just say they want to start a home business to make money. To what degree depends on the individual circumstances. It could be extra money to pay bills because the regular paycheck is not ‘stretching’ as far as necessary. It could be extra money for some special thing like a vacation or a new car for example. It could be extra money to create some savings or investments for retirement or a ‘safety net’.

Money could be needed more critically if someone has lost their job and has been unable to find another one, and need to replace their salary. This is the scenario where they would be better off if they had started something part-time that they could capitalize on where ‘spare time’ is all they have right now! It is important to plan for the unexpected just like we should do for earthquakes or hurricanes, etc. Once the emergency hits, it is a little late to prepare.

Although when we are doing well and

Self-Employed – It’s Tax Time!

Naturally if you owe money it is not your favorite time of year and if you are owed money you can’t wait to file. You can file any time after January up until April 15. Actually if self-employed you are expected to file quarterly estimated taxes. What you may not realize is you can get around this by paying a small fine each year. Some people would rather have the money on hand for emergencies and don’t mind the fine. Probably best if you can pay quarterly as you always want to save money wherever you can.

You would need to file form 1040 with Schedule A to itemize deductions. You also need to include schedule SE for the special tax they have for self-employed people. Then there is Form 8829 for use of your home for business, with which you can deduct a percentage of expenses such as utilities, rent or mortgage, etc. This all goes with Schedule C, Profit and Loss from Business.

Always consult with the IRS website (irs.gov) to be sure what is required for th