Many people, especially when frustrated by working for someone else, have considered starting a business of their own at home. Setting your own schedule and not having to deal with a boss can be a great benefit. However, moving from this hope to a functional online business is another story.
If you have to take a client to lunch, be sure to deduct that cost as a business expense. The time that you spend with them is a business expense. Make sure that the clients are going to remain clients, because otherwise these outings aren’t tax deductible.
If you have to drive for your home based business, keep track of your mileage as it is a deductible expense. These travel expenses, even if they are only for a day trip, are considered to be 100% deductible. It is important to keep close track of these records in case you are audited in the future.
If you need to have the Internet, make sure you take the tax deduction for this expense. You can deduct a portion of the cost for your internet service, although be aware that if anyone else uses the connection, you cannot claim more than fifty percent.
If your home business is your sole income, you should look into a backup plan. Having a plan for when a disaster can happen is important, like if you were to have a problem with your website. Planning for such events will ensure that your needs can still be met.
Make it so that there is a clear wall of separation between work life and personal life. Set work hours and stick to them. You could ignore business calls after a certain hour, for instance. Set aside time for yourself as well as time to spend with friends and family.
Avoid interruptions by family during your work hours as much as possible. Because getting interrupted is something that can make productivity go down, be sure people know when you’re going to be working and when you are finished for the day. It is important that they understand that privacy is needed and will allow you to spend time with them just as soon as you complete your work. It’s important that you have proper supervision for your children and you are available if there is an emergency.
If you have to take a client to lunch, be sure to deduct that cost as a business expense. These meetings are legitimate expenses for your business. Make sure that the clients are going to remain clients, because otherwise these outings aren’t tax deductible.
As you can see, it will require a little bit of work and dedication to make the jump. If you can manage to pull through and stick to the plan, you will be able to accurately represent your dream in the company’s image and create something that is long-lasting and profitable over the years.