Not only is a home-based business attainable and profitable for want to-be business owners, it can enhance financial stability and provide steady income for folks needing a regular job, or looking to supplement income from low-paying jobs. If you happen to fall into the “I want to own-my-own business category,” you’ll be amazed by the types of tax deductions you can legally claim annually; dependent on the type of business you choose to start.
For instance, if you start a home-based business such as a day care, party planner, virtual assistant, web site content writer, blogger, product review writer, independent/contract performer, custom jewelry maker, or arts/crafts to name a few. You’ll be able to take a percentage of deductions such as utilities, mortgage note, insurances, property tax, office/storage space, and home repairs based on the size of a room/area used to provide services and/or store items used exclusively for your business.
In order to get started, you must first make your business legal by choosing a trade name – reflective of what you will be doing as a business owner. Once your trade name is registered and documents issued by your State’s Department of Assessments and Taxation office. You can then apply for the issuance of an Identification Number from your State’s Department of Assessments and Taxation Personal Property Division, or IRS office depending on the laws of your State. Some State’s allow potential business owners to apply for both before-mentioned registrations at the same time; provided your chosen trade name is not being used by an existing business/owner.
As you can see, operating a business from your home-base is an easy inexpensive way to get started without the hassle of paying to rent an office/storage space. Your residence (apartment/house) is your business headquarters.
Further, a quick internet search will quickly lead you to an inexpensive online printed/digital books offering step-by-step guides on how to start that business you’ve been dreaming about. Stop procrastinating…Now is a good time to start your own business.
Feel free to share your thoughts, comments and/or questions.