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Published Tuesday & Thursday
Lena Sanchez - Editor
Click Here To Email Lena 
928-636-9425
Thursday December 20, 2007

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Free Information on building a home business with mentors that have already been there and is doing it...Since I tend to have a longer newsletter I'm told this is an ezine. Newsletter or ezine, you decide? Free advertising, one ad only per new subscriber.
Watch For A Natural Environmental Facts Health edition on Wed. & Friday with alternatives to traditional medicine and pros and cons for traditional and natural... Then comes Monday's Ask Lena Health Q & A! Answering questions presented by subscribers with natural healthy alternatives.

Your Home Business Coach Ezine is available by subscription only. We do not make its subscriber list available to third parties. All subscribe and unsubscribe information can be found at the end of this issue. Our Mission is to help you grow your Home Business and educate you to a Healthy Alternative lifestyle and natural medicine! Without health your business cannot grow!  Archives

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=> IN THIS ISSUE!
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<> Editors' Remarks
<> Motivational Thought!
<> Spotlight of the Day
<> Paid Ads Week/Month
<> Business Tip
<> Advertising Links
<> Business Coach of the Day
<> Change Your Life Information

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EDITORS' REMARKS
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Greetings and thank you for being an optin subscriber. Advertising Options Click Here

Whether we want to think about it or not there is one time of the year we must think about those dreaded taxes... Since I'm taking some time off for the holidays I thought today was a good time to pass along information to help plan your taxes. Here in the U.S. having a home business means a lot of write offs but if you don't capitalize on them you can't use them... Other countries may have different rules so todays' coaches information may not fit into your life... 

Since I'm taking sabbatical leave for several days don't expect another Your Home Business Coach until January 3, 2008... Enjoy your holidays!

Do what you must to be successful as long as it's honest, something you enjoy and doesn't hurt anyone. 
Lena

Reminder:

Don't Pass On Misinformation. to others. Find out if it's real check it out at hoaxbusters 

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MOTIVATIONAL THOUGHT
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"Whatever you can do or dream you can, begin it. Boldness has genius, power, and magic in it."
 
~ Johann von Goethe

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Tax Rules & Benefits For The Self-Employed
By Janna Weiss


Who hasn't dreamed of quitting their day job, starting their own company, and living happily ever after? Abrasive bosses and questionable decisions can make a normal nine to five job grow stale pretty fast. Today, more people than ever are enjoying the freedom that comes with starting a small business and being their own boss, but what  about the taxes? How much should you pay, and how often? What can you claim as business expenses? What can be deducted?

One good thing about those regular, nine to five jobs is that they take care of tax payments for you by withholding them from your paycheck. If you start up a small business of your own, you will be responsible for withholding your own taxes and paying them on a different schedule.

Sole proprietorships, the category which many small businesses fall under when they are created, have relatively simple tax rules. The sole proprietor pays estimated taxes four times a year. If they fail to pay quarterly, they will be penalized at tax time, to the tune of 8% of their annual income. Those who fail to pay their taxes at all can expect the IRS to come knocking ? literally or figuratively, depending on how much they neglected to pay. To avoid the dreaded audit, make sure to keep meticulous records of your income and business expenses, and pay your taxes on time. Tax payment coupons can be printed from popular tax software programs, or downloaded from the IRS web site.

This is more inconvenient than having your taxes withheld from the get-go, but small businesses also get special tax benefits that you won't enjoy as someone else's employee. If you do most of your work from home, you can claim a deduction for your home office, including the depreciation on the space. Remember, a home office doesn't have to be an entire room. Part of a room will suffice. Rent can also be claimed as a business expense. The forms can be confusing, though, so be sure to read them carefully and enlist a tax professional if you need help.

Self-employed workers can also write off business equipment purchases as tax deductions, to a maximum of $18,500 per year. If you need a better computer to keep up with your business needs, you can feel good about buying one, because it counts as a valid business expense. Contributions to retirement plans are also deductible. And don't forget the expenses you incur from marketing, advertising, and promoting your business. Gasoline and auto repairs can be deducted if you use your car for your business or if you have a company-owned vehicle. Office supplies are another deduction.

Other, less tangible expenses can be used as tax deductions. These include the interest and fees from carrying credit card debt on business expenses. This area gets tricky, though, so I recommend hiring a professional to help you wade through the forms and procedures.

Tax rules get a little more confusing when you hire employees. A husband and wife can work together and maintain a sole proprietorship, but if you hire an outside employee, you'll need to apply for a tax identification number from the IRS. Then you will be responsible for keeping records for each employee, withholding the appropriate amount of tax from their wages, and paying it to the government. The good news is that you can deduct the employment taxes you pay.

To find out more about the tax rules and tax benefits that apply to you, take a look at the IRS web site. Other great resources exist online. All you need to do is a little research to avoid getting caught up in a tangle of tax trouble.

About The Author: This article has been provided courtesy of Destroy Debt, http://www.destroydebt.com