Home-Based Business vs. Second Job -- The Choice is Yours
Many families today rely on two incomes to pay their bills not being able to make ends meet month to month. They face several options to secure that extra income they need, one being obtaining a part-time job and the other a home-based business. It's a decision with advantages and disadvantages to each. I want to provide some suggestions to help you make the right choice. When deciding between a standard second job and a home-based business, it is important to consider the expenses incurred in both.
For those considering a second job, many do not take into account the numerous extra expenses that go along with childcare, clothing, gas, etc. Crown Financial Ministries offers a worksheet online (http://www.crown.org/Tools/mommake.asp ) to help you determine how much you will actually make once these expenses are deducted from your income. By breaking it down and seeing the guideline, you can see just how much extra you really bring home each week.A home-based business also incurs expenses, but most of your business related expenses will be at least partially tax deductible. The IRS looks favorably on home-based businesses. The more money that you save with legitimate tax deductions, the more finances you'll have to increase the size of your business.
This in turn creates more revenue for the IRS. A home-based business can also offer flexibility that a second job cannot. You can work from the comfort of your home ? often in your pajamas if you choose. You can work the days you want and the hours you need. Your schedule is up to you! For example, Diana Ennen, author Virtual Assistant the Series, Become a Highly Successful, Sought After VA http://www.virtualwordpublishing.com, states, "I enjoy the flexibility my home-based business provides.
You can easily wake up at 5:30 a.m. to work or work until 2:00 a.m. whatever fits your personality. Many people enjoy it because they can start work after they have put the kids the bed and work a couple hours and earn extra money without having to hire a babysitter. Plus, it's all in the comfort of your own home.
No costs on dry-cleaning, travel to work, gas expenses, etc., and you can't beat the one minute commute to the office!" Allowing your family to be a part of the business is another benefit that not many jobs can compete with and thus another positive benefit to home-based businesses. Depending on the type of home-based business you choose, there may be small jobs that your children can assist with in the daily operations. These include: Helping prepare your mailings, preparing packages if you have a direct mail company, or even answering the phone - depending on their age. Your spouse can also be a part of your business and may be able to help run the business when you are not able to be at home.Helping others be successful working from home is another great perk of being a part of a home-based business. Most home-based businesses allow you to build a team of people to work along side you.
Finding other people that are interested in owning a business and then helping them succeed is satisfying and can be financially rewarding as well.There are, of course, negative aspects about working from home. The success of your business depends solely on you. You need to be determined, efficient and organized to be successful. You must take the time to work at the business or you will not see the additional income that you desire. It can be very easy to let your business slide when you are tired or feeling discouraged.
However, if you are aware of these temptations, you can create a plan to overcome them when they arise.The benefits of a home-based business can many times override the work and time you must devote. When compared to the expenses occurred by taking a second job it is a great alternative. Because of the tax breaks when operating a home-based business, it is many times a more profitable option. You may not make a million, but it may allow you the freedom and income that you need to make life a little easier. Even with the disadvantages, many who work-at-home wouldn't have it any other way.
I hope this helps you make the right decision for you and your family..
Jill Hart is the founder and editor of Christian Work at Home Moms, CWAHM.com, and the author of the e-book, The Two Week Devotional Journey for Christian Work at Home Moms. E-mail Jill at jill@cwahm.com for additional information or stop by her site at www.cwahm.com.Death And Taxes - Two Certainties Of Life
(NC)-There are no estate taxes or succession duties in Canada. However, taxes upon death have not disappeared. When a person dies, there is a 'deemed disposition' of all capital property. What does that mean? It means that the government treats all your property (unless jointly held) such stocks, bonds, RRSPs, real estate, etc as sold at fair market value on the day of your death. Your estate will be required to pay capital gains tax on that property.
This applies to your RRSP if you do not have a spouse to whom you can transfer it. Careful planning can reduce or defer the taxes owing. Without an estate plan, you could lose nearly half of the value of your gains to taxes. While your Executor may claim full personal exemptions on your final income tax return, your estate may end up paying taxes at the highest tax rate (over 50%). If you do not have a Will, or if your Will has not been updated recently, it may be a good time to get the job done to avoid tax complications.
What...
Death And Taxes - Two Certainties Of Life
Tax help > Death And Taxes - Two Certainties Of Life
News Portal Domain Name For "The Knoxville Libertarian" Offered on eBay
KNOXVILLE, Tenn., (ContentDesk) December 1, 2005 -- The owner of "TheKnoxvilleLibertarian.com" news portal domain name, Pete Norris, has placed the domain name at auction on the eBay web site. The eBay auction also includes an additional domain name, "TKLNews.com," which is the abbreviated version of the longer domain name.Norris discontinued the use of The Knoxville Libertarian news portal about one and one half years ago. Both of the domain names offered on eBay point to just a static web page. He says that by using the words "knoxville libertarian" in a search on the Google search engine that the stationary web page comes up at the top of the search results"I started the TKL web site in the waning days of the great income tax battle of 2002. That was when there was a movement by some to force a state income tax upon the citizens of this state.
The original intent was to gain news exposure for the Libertarian Party of Knox County (Tennessee). My interests have shifted since...
News Portal Domain Name For "The Knoxville Libertarian" Offered on eBay
Tax help > News Portal Domain Name For "The Knoxville Libertarian" Offered on eBay
IRS Fails as a Tax Adviser
The Internal Revenue Service conducted a study of the quality of telephone advice it provides to taxpayers. It found that only 27% of callers actually received complete answers to their questions. Almost three quarters of callers were denied service, told to call back later, or had an excessive waiting time and simple hung up before speaking with a representative. Of those few callers that received complete answers, the answers given by IRS representatives to tax law questions were correct only 50% of the time. Taxpayers are often surprised to learn that they are not protected by relying on advise from an IRS employee.
Only a private tax adviser can warranty the reliability of their advice, and the warranty is limited to the specific remedy offered by the adviser. This might be representation at no additional charge to resolve an issue in dispute or a return of the fee. A taxpayer can rarely be protected from tax liability due to incorrect advice..
IRS Fails as a Tax Adviser
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As a Bookseller Don't Risk Being Accused of Cheating on Your Taxes
Copyright (c) 2006 Michael Mould
Many online booksellers are of the opinion that their selling of books online falls under the heading of a hobby and they are not obligated to report the federal or state income from their bookselling endeavors, and while I am not a tax consultant or a tax lawyer, I believe many of them are grossly mistaken in their interpretation.
If you are selling books regularly through one of the online marketplaces and realizing a real profit from these sales, you are operating a business and you are required to pay an income tax on your profits.
If you are selling your own collection of books, you may still be obligated to pay an income tax on the sales if what you are selling them for exceeds what you paid for them or if you depreciated them previously.
I have read several places recently that the IRS has been looking into the online sellers of all kinds of products with a particularly keen interest in sellers having...
Tax help > As a Bookseller Don't Risk Being Accused of Cheating on Your Taxes
Buying property in Portugal
Portugal has long been a popular choice for people, particularly from the colder climates of Northern Europe, looking to purchase a holiday home or a retirement home. Traditionally they have done so using offshore companies, mainly to avoid estate taxes. Unfortunately Portugal, along with some other countries, has made this route considerably less attractive by the imposition of swingeing tax penalties on offshore companies. The magnitude of these penalties can be seen from the examples below,Real Estate Transfer TaxThis tax is paid by the purchaser, at progressive rates of up to 6% (5% for rural property) on property used exclusively for residential purposes, on the higher of the registered value or the purchase price agreed between the parties. This is usually the purchase price.For offshore companies this rate has been increased to 15%.Municipal Property TaxThis is a tax, at a rate set annually, levied by the local authority and based on the registered value.
The rates are...
Buying property in Portugal
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California Home Loans
A home loan is a loan taken against your home or property. For every loan there is a rate of interest that might be variable or fixed. A variable rate of interest fluctuates according to market movements and inflation rates. When you take a home loan you need to pay back the loan amount as well as the accumulated interest on that amount through equated monthly installments. Home loans can be for a short term or long term.
The various types of home loans available in California...
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