The Home Business Company

Top Social Networking Sites You Need to Be In

2009-03-10T19:18:00.004-06:00

Top Social Networking Sites You Need to Be In
Boosting traffic using social media sites is a growing trend in network marketing. These sites can help introduce your business to a vast audience and help promote the products or services that you offer. In other words, you would get exposure to a huge database of people who may be looking for content similar to your niche. So which of these social networking sites can give you an advantage? Practically, you should not stick to one. Getting you presence known to several social sites can help you with your online business because of the existing traffic in these sites. The following are considered to be the top social networks that you need to be in. So check them out and see what caters your interest.
• Myspace is among the top social networks that continue to receive high ratings from users. Targeted to the general audience, it became the most-visited site worldwide a year or two after it was launched in 2003. It has a billion visits per month and is now the most popular social network. The system is simple and works by adding friends to your network. It also has other features like customizing profiles, blog entries, mp3 music tracks, groups and discussions.

• Stumbleupon is another social media site that can help you generate traffic to your site. This site functions like social bookmarking, wherein users can “tag” sites to point out whether they like it or not. If you content is good and people like it, they’ll share it with other users, give you a “thumbs up”, or include your webpage link on their site. In the long run, it would increase the number of people whom your site will be exposed to.

• Another well-loved social networking site is Digg. It is famous because of its quick response system. If you post a quality and interesting story or article, you can get hundreds of immediate responses within the next 24 hours. Those who read your content and loved it can vote for it or “digg” it. You can also place a Digg button on your blog or site so readers can readily vote for your content.

• Facebook is a social network site that has experienced phenomenal growth ranking and popularity since it was opened to the public in 2006. Basically, it uses connections of school and work to build social networks among people. It also caters to the general public but is now becoming a trend among yuppies and the older crowd. Facebook also offers widgets that cater to the individuality of people in the network. Fun and curiosity is what makes people attracted to this site.

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Twitter is described as a mini-blogging service that lets your friends know where you’re at. It is a blog, instant messenger and social network all rolled into one. It had incredible growth months after its launching. Twitter offers nothing but great fun and can be quite habit-forming. It’s a great way for users to share bits of their daily lives, and for many a good way to fight off tedium. No wonder why it is one of the most-liked social media sites today.

Social networking is open to people of every age, background and profession. It has become a means to connect with people regardless of time and space. Social networks have multiplied in considerable numbers within a few years, and obviously many continue to benefit from these expansions. Home-based entrepreneurs can utilize these sites to reach their targeted market, increase traffic to their sites and SEO rankings; these top-ranking social networks are the network places they need to be in.

Integrate Marketing into Social Networking The Right Way

2009-03-10T18:16:00.006-06:00

Social networking sites continue to be the hottest trend in the internet world. Catering to an unlimited public audience and reaching every corner of the globe, social networks have become a bridge to connect people of different ages, backgrounds, and interests. This phenomenon remains to be one of the most effective means to reach the market, not only because it can easily be used and accessed by anyone, but also because it is inexpensive.
As an online marketer, you need to be smart and know how to use social networks wisely. Getting the idea of how sites for social networking operate can give you an edge and enable you to maneuver your online business to the next level. These are smart ways on how you can effectively integrate your marketing prowess using social networks.
• Set up live accounts. One of the best and easiest ways to get people into your business is to use great social networking sites like Facebook, MySpace, Twitter or LinkedIn. If you don't already belong to these sites you should join now. There are lots of other social networks where you can sign up but these are a good start. This would work just as well for your network marketing business or your brick and mortar business because of the available traffic and low cost, so you can create a page all about your business at each of these sites without having to spend a dime.
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• Find social networking sites with the same niche as your business and learn to build relationships with people whom you share the same interests with. This way, you will begin to increase the people that know about you. You can also make use of social network features like avatars, profile editors or widgets to make your site more interesting but that can wait. The important thing is to just get started for now and learn as you go.
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• Be active and participate. After setting up an account, you can participate in campaigns by making votes, comments or content ratings on other people’s blog posts. Build and establish trust and respect among other members by joining forums or community groups and reaching out to them. This would allow them to know more about you and your business as well. As you begin to widen your circle of new friends, people within the group will start to plugin, rate, and vote for your content. Remember that effective social network marketing is more than just selling, it is about building relationships. People will know if you’re only there for the money.
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• Make relevant and reliable content. Be in the know of what the majority of the community members are interested in and contribute to their interests. View the profiles of other members and take note of the kind of content they are sharing in the network. Engage with people who have the same niche as the blogs you publish or post. To effectively utilize social networking sites in marketing, you need to provide relevant content. This will be the main factor for you to attract a lot of traffic to your site. It is also important to update your site on a regular basis as this will always give your visitors something to look forward to.
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• Invest your time. Social networking sites can leverage your exposure, and a smart way to accomplish this is to invest your time. Generating traffic to your site doesn’t mean flooding every social networking site with ads, group messages or blog updates. It will take you a little time to build your market using this tool. Nevertheless, once you’ve established good relationships, the work pays off tremendously. Consistency is important in social network marketing. As you invest you time, you would see a growing increase in your website traffic.

Social networking can benefit you and enlarge your target market by generating traffic to your site. It also allows you to reach many people in little time without the normal expense. More than that, it also improves your search engine ranking allowing more people to be informed of your product or service. So be a business owner and use social networks to reach your market.

Benefit During the Recession

2009-03-04T01:35:00.001-06:00

1) Stay alert as to what is going on in the financial industry. A recession can shake things up very quickly, causing old industries to collapse (like the housing market) and new industries to be born (like the alternative energy market).

2) If you don’t already have a budget, it’s time to create one. Use a budget to reduce your unnecessary expenses (which average 30% in the US). A budget could very likely help you save your family from a financial hardship.

3) Pay down your debt and build a savings account of three to six months of your living expenses. This will be a great help if you get laid off and have to find a different job. Get out of consumer debt (credit cards) as fast as you can.

4) Invest in your children’s education. Education is going to continue to be very important as the global economy has little need for unskilled workers.

5) Move your investments to lower-risk securities like bonds during the market shakedown, than move back to stocks after the market hits the bottom – in a few years. Another option is to invest in commodities like gold, silver, wheat and corn, which are returning high profits, but they are also very risks, so be careful and don’t bet the farm. The coming inflation and sinking dollar will push long term interest rates higher, paying good returns for anyone that has cash.

6) Your mortgage payment is likely to be your largest monthly bill. Reduce your mortgage with one of the many options including downsizing, doubling up, renting, refinancing or even letting your home go into foreclosure.

7) Put off dreams with large financial commitments, like remodeling or purchasing a new home. If you have been planning to finish your basement this summer, it might not be a bad idea to wait until next summer – just in case you need the money or run into an opportunity to invest it for a large return or get a good deal on a product being liquidated at a huge discount due to oversupply from the economic slowdown (like an SUV, the lots are full of them).

8) Reduce your food costs, by eating out less and buying more food from the grocery store. Plant a small fresh salad and vegetable garden this summer to increase your health and save some money. Food costs are going up for many reasons, Ethanol, population growth, rising cost of oil (falling dollar), increase in natural disasters, etc. A small garden investment could result in a large savings.

9) Create another income stream, even a small one. Maybe you take a second job for a month to pay off a credit card or maybe you sell your baseball cards on Ebay or look for a good way to start a small business from your home.

10) Instead of going on an expensive vacation, consider an alternative family vacation this year like - sleeping outdoors under the stars. Many America’s have grown up with an annual family vacation, but it’s time to stop the tradition – at least for a few years. It you don’t have the cash to pay for your vacation, then it’s probably not a good idea to put it on your credit cards.

2008-12-10T22:28:00.002-06:00

TIME – THE GREAT EQUALIZER!!

Most of 2008 is behind us. Where has the time gone? It will be New Years before we know it. Time is the great equalizer! Every one of us has the same amount of time, 24 hours each day. Why is it that some people get more done than others?
The answer is not that they have more time but they manage the time they have more effectively.
Everyone wants success in their business. Listen to what Jim Rohn says, "Time is our most valuable asset, yet we tend to waste it, kill it, and spend it rather than invest it."
How you spend your time is one of the reasons you make it or break it with your business building efforts. Leaders have a plan and work their plan.
Listen to what Zig Ziglar said, "You were born to win, but to be the winner you were born to be you must plan to win and prepare to win. Then and only then can you legitimately expect to win."
How do you prepare to win? You start by realizing you are a winner. You were born for greatness. You have everything you need to be successful. Let these words sink into your inner most being. "Man was designed for accomplishment, engineered for success, and endowed with the seeds of greatness.' Zig Ziglar
These are two keys to success. First, realize you are destined for greatness! Then because of this fact, use your most valuable asset, time, to accomplish your dreams.
"You cannot increase the quality or quantity of your achievement or performance except to the degree in which you increase your ability to use your time effectively." Brian Tracy
Time – the great equalizer—how will you use it?

250 signups per month because people call you

2008-08-27T17:56:00.003-05:00

How would you like to learn how to generate all of the leads you need for your home based business for Free? We can show you how we had over 250 signups in our business in just one month and we generated all the leads to do that for Free.

How do we do that?

What we don't do is try to sell our product to people that don't want it.

What we do is to show our product in a way that people see that what we have will help them get where they want to go and they come to us and sign up with very little effort. We call this attraction marketing.

We build trust before we ask anybody to buy anything. We do this with a coordinated campaign of blogging, article marketing, social marketing, and video. You too can learn how to do this.

Learning the principles of Attraction Marketing properly and putting them into practice will lead to a substantial in crease in your business.

To Your Success

David Carroll
President
The Home Business Company
952-544-0117 Office
612-802-8487 Cell
David@thehomebusinesscompany.com

Why Aren't Your Prospects Buying From You

2008-06-15T15:24:00.007-05:00

Your Prospects are not Buying from you for one or more of Four Reasons.

1. They Don't Know You.

2. They Don't Want What Your Selling

3. They Are not Prepared to Sacrifice to Buy What You Are Offering.

4. They Don't Trust You

To make the sale, you must address all four of these factors.

You must get to know your prospects before you ever even mention your products. You must also develop some credibility first, not after you make your presentation.

The more you attempt to expand on your opportunity before you address the four items mentioned, the further your prospects will retreat from you. Once you have developed a relationship with your customer, only then will they feel comfortable buying from You.

By differentiating yourself from the masses you will position yourself with the buyer as a reputable, knowledgable person that they can trust. You can do this through a conversation with the prospect, a blog or redirecting them to something where you will build crediability.

You can start learning the quality of "attraction marketing" by contacting me at the email below.

To your success,

David Carroll
President
The Home Business Company
Helping People Find Peace and Prosperity
952-544-0117-Office
612-802-8487-Mobile
David@TheHomeBusinessCompany.com

Don't Let Uncle Sam Have your Money

2008-04-29T14:03:00.009-05:00

Is Uncle Sam trying to keep your money?

Since April 15 just recently passed, many people probably haven't thought about filling out another tax-related form, but I want to remind area homeowners and renters about the property tax refund program’s that many states have and encourage them to apply.

If you own your home, there are two property tax refund programs available: the regular property tax refund applies if your household income is less than $93,480. Income limits increase to $113,880 with family size. The special property tax refund is available if your property taxes have increased more than 12 percent and by at least $100 over last year. There is no income limit for this refund program.To qualify as a renter, you must have made less then $50,430 in 2007 and income limits increase to $70,830 with family size.

For anyone eligible (or those wanting to check if they are eligible) for a property tax refund, log onto the Department of Revenue's website at: http://www.taxes.state.(enter/ your 2 letter state abbreviation).us and click on Property Tax Refund form. The directions are listed on the form, which can be either mailed to the Department or e-mailed for a quick response. We have our taxes done through H&R block and they have never mentioned this additional rebate to us. So yesterday I went online, filled out some forms and am now expecting $71 in September. In 2006, 510,000 homeowners in Minnesota alone received refunds and 280,000 renters.

Refunds on the regular property tax refunds averaged $620 and $85 on the special property tax refund. For renters, the average refund was $540. It does not matter if you are self-employed, unemployed, disabled or work 4 jobs0you could be eligible for the refund. Be sure to have your 2007 tax forms handy because you will need to refer to some of the numbers but all in all, for about 20 minutes work it can be pretty quick money!

David Carroll
President
The Home Business Company
Helping People Find Peace and Prosperity
952-544-0117-Office
612-802-8487-Mobile
http://TheHomeBusinessCompany.blogspot.com

How to Write a Great Classified Ad

2008-03-21T09:12:00.005-06:00

Classified ads are everywhere!

You see them when you read your favorite ezine. You see them on all the search engines in the form of pay per click ads like Google AdWords. And you see them on blogs and forums too! The reason you see so many classified ads in ezines, on web sites and other places is simple.
They work!

Classified advertising is one of the most cost effective forms of advertising on the Net today. Like most things that seem very simple on the surface, a great deal of work goes into writing a powerful classified ad.
If you want to add power to your classified ads, carefully consider the following four step process. Writing a great ad is hard. This is not "sit down for 5 minutes and punch it out" work. When a professional writer creates a classified ad for a client, it's not unusual for the writer to produce 15 or even 20 variations in order to get the best possible ad. So grab the beverage of your choice, loosen up those typing fingers and let's create a money making classified.

The three parts of a great classified ad are ... * The Headline* The Body* The Call to Action IMPORTANT: Each one has only ONE purpose.
* The purpose of the headline is to sell the ad.
* The purpose of the ad is to set up the call to action.
* The purpose of the call to action is to sell the click.
If you keep this in mind as you write, you will see how easy it becomes to cause readers to take the action you want. =======>

The Headline Your headline must grab attention! The headline's job is to sell the ad. Some people use sensational headlines with no relationship to their offer to grab attention. That approach may work in the short term, but damages your integrity in the long run. Honesty is always the best policy. The last thing you want is disappointment when someone arrives at your website. Keep these ideas in mind when you write your headline. * Begin each sentence with an action word.* Create curiosity.* Ask a question. HOT TIP: If the publication you are placing your ad in doesn't allow headlines, use the first few words as the headline or indent the ad so it stands out. When writing headlines, always remember that people care about exactly one thing; what's in it for me? =======>

The Body The body of the ad must tell your reader what's in it for them. What *benefit* will they get by making that click? People don't want to 'learn more' out of idle curiosity. They want to learn more in order to get to the *benefits* you promised them, so don't be shy about what your offer will do for them. The first step to writing the body is to list all the features of your product or service then, next to them, list the benefits of those features. You must write at least one benefit for each feature, or don't use that feature. People buy what your product or service will do for *them*, not only what it will do. =======>

The Call to Action The call to action is the action you want the reader to take. While it is often as simple as "click here" it's wise to pay careful attention to this step. What to say here depends on if you are sending them to a web site, an autoresponder, or some other way to get more information. If it's a website, be sure to include urgency. You must lure them away from what they are doing now in order to visit your site. If you are using an autoresponder, tell the reader what to expect. Will they get one email, a five part series, or something else? The more they know, the more likely they will be to click through. =======>

What's Next? One last step and you're ready to begin making money. Don't forget to read your ad! Classifieds aren't supposed to read like a novel. Check that spelling too! Once you have your dollar grabbing, profit pulling classified written, don't forget the #1 rule inadvertising.
TEST YOUR AD Test, test and test again to know what works. Testing allows you to spend small money now to make big money later. By following these steps you will begin to create classifieds that work. Once you have an ad that works, use it everywhere you can afford to and you will rake in the profits! *******************************************************

Charlie Page helps people succeed online. How can he help you? Find out now at his main site or call his toll free number. http://www.realworldtactics.com/

Helping You Find Peace and Prosperity
David Carroll 952-544-0117
http://www.thehomebusinesscompany.com/

You Are What You Eat

2008-03-20T12:04:00.000-06:00

The Business Dinner

More than half of all business deals are finalized over a meal, and a higher percentage of business discussion in general occurs while out to lunch or dinner. Business meals are often used to conduct job interviews, get to know a client or consultant, network with a colleague, or sign a contract.
Your professional polish is on display. What you order, how you eat, and what you discuss demonstrate your courtesy, poise, and respect for others, so never assume people won't notice or will tolerate poor manners.

Have you ever had a lunch or dinner meeting with a business associate whose manners were sub par? Perhaps she brushed her hair during the meal or he chewed with his mouth open. Such rudeness can destroy a colleague's impression, not to mention kill a deal.

Here are some practical suggestions to help you put your best fork forward so to speak.

Avoid talking with food in your mouth. Sounds like common sense, but the temptation can be great, especially if you have a lot of ground to cover in a short amount of time. Swallow before speaking, and remember what Mom said: Chew with your mouth closed.

Give your dining companion your full attention. Avoid flitting from table to table to greet other people. Instead, smile or wave and return to the conversation its not social hour, it’s a business meeting.

DO NOT answer your cell phone.

A business meal is not a time to relax and "let loose." It is a test of your social skills and your level of sophistication. Your interpersonal skills, including your treatment of the wait staff, are on display. One of the biggest blunders at the business meal is alcohol abuse. You can undo months and years of good impressions by excessive drinking. The key point to remember is that business should always be the number one item on the menu.

My Space Potential Downfall

2008-03-13T12:36:00.001-06:00

My Space-Face Book-Potential Downfall

Research is a Two Way Street

These days, it seems that everyone who is anyone under the age of 30 has a MySpace or Facebook page. It is not unheard of for prospective employers to google a candidate to see what pops up. Just as candidates are expected to conduct as much research on a company before coming in, often a prospective boss will plug an interviewee’s names or e-mail address into MySpace or Facebook to see what, if anything, pops up

I like to prepare for meetings by knowing as much as I can about the people I'm going to meet.
My first question to this particular woman, after having read her profile on the popular online social network, was "What's a watermelon floater?" She laughed and said, "Oh, you do MySpace too," and she proceeded to explain this mixed drink. She passed the mini test-grace under pressure.

Sometimes candidates became nervous when they realize that an interviewer has seen their profiles plastered on the Internet. That shows me they might not be great under pressure or they might not react well to the unexpected. Like most employers, I want to hire people who aren't easily flummoxed and can easily go with the flow, which certainly includes handling curveballs.

The Unexpected Interview Question
Speaking of unanticipated interview questions, I recently spoke to a colleague who, during a mock interview with a college senior how she enjoyed her spring breaks in the Caribbean. She panicked. "Oh. Wait. Um, uh ... did I tell you I was going to the Islands or ... wait ...did you find my pictures on MySpace?"
The interviewer said nothing, waiting for her to figure out the answer herself. While that may sound cruel, she wanted her to regain her composure and think through the situation. Turns out, she was defensive for a reason.
While she had told the company that was going on this trip just before we scheduled the interview, it turns out she had posted beer-and-bikini photos with wild captions on her blog. Sitting now in her business attire, she worried that they might've seen those revealing snapshots.

Keep Things in Perspective
Most employers recognize that everyone is entitled to pursue fun and frivolity on their personal time. But companies do expect them to recognize that anything they post on the Internet -- from pictures on social sites to political rantings on blogs -- is fodder for conversation and, in some cases, will cost them opportunities without them even realizing it. And just as the things they do before they are hired are a reflection of them, the things they do once they're in the office are a reflection of the company.

So remember, nothing wrong with letting loose, but try to keep things in perspective. You'll be fine as long as you're comfortable knowing that current and future colleagues and employers -- especially those Internet savvy sleuths -- can and will find whatever you decide to put out on the world wide web. Be prepared to be held accountable or better yet-mark your settings to PRIVATE so only people you know and approve can see your site.

Helping You Find Peace and Prosperity
David Carroll
952-544-0117
www.thehomebusinesscompany.com

Business Email Etiquette

2008-02-10T20:40:00.002-06:00

Business Email Etiquette

As so many of us live and do business in cyberspace, we find that often communication is conducted by personal meeting, phone or letter less and by email. Of all Internet activities, email is the most popular. Almost 88 percent of all Internet users in the U.S. use email. This information comes from a survey conducted by the UCLA Center for Communication Policy (The UCLA Internet Report: Surveying the Digital Future. UCLA Center for Communication Policy. 2001). According to the same survey, approximately 90 percent of those who use the Internet at work use it to access business email.

With that in mind, here are some tips to use when writing a business email.

Be concise and to the point.
Do not make e-mail longer than it needs to be. Remember that reading e-mail is harder than reading printed communications and a long e-mail can be very discouraging to read.
Use proper spelling, grammar & punctuation.
This is not only important because improper spelling, grammar and punctuation give a bad impression of your company, it is also important for conveying the message properly. E-mails with no full stops or commas are difficult to read and can sometimes even change the meaning of the text. Hello, this is why you have spell check.

Do not write in all CAPITALS
IF YOU WRITE IN CAPITAL LETTERS IT MEANS THAT YOU ARE SHOUTING! This is not only highly annoying but can trigger an unwanted response.

Answer as soon as you can
Client’s s send e-mail because they wish to receive a quick response. If they did not want a quick response they would send a letter or a fax. Therefore, each e-mail should be replied to within at least 24 hours, and preferably within the same working day. If the email is complicated, just send an email back saying that you have received it and that you will get back to them. This will put the customer's mind at rest and usually customers will then be very patient!

Do not attach unnecessary files.
By sending large attachments you can annoy customers and even bring down their e-mail system. Wherever possible try to compress attachments and only send attachments when they are productive. . I used to live up in the mountains where we only had dial up connection and sometimes even a few large photos could crash my system for hours.

Use proper structure & layout.
Since reading from a screen is more difficult than reading from paper, the structure and lay out is very important for e-mail messages. Use short paragraphs and blank lines between each paragraph. When making points, number them or mark each point as separate to keep the overview.

Read the email before you send it.
A lot of people don't bother to read an email before they send it out, as can be seen from the many spelling and grammar mistakes contained in emails. Apart from this, reading your email through the eyes of the recipient will help you send a more effective message and avoid misunderstandings and inappropriate comments.

Take care with abbreviations and emoticons.
In business emails, try not to use abbreviations such as BTW (by the way) and LOL (laugh out loud). The recipient might not be aware of the meanings of the abbreviations and in business emails these are generally not appropriate. The same goes for emoticons, such as the smiley :-). Would you sign a business latter with a smiley face? I think not. The same should go for an email to a client.

Helping You Find Peace and Prosperity
David Carroll
952-544-0117
www.thehomebusinesscompany.com

Small Business Deductions

2008-02-01T11:05:00.001-06:00

Small Business Deductions

Are you paying more income taxes than you need to? To reduce your tax liability, you either need to make less money or deduct more expenses. It's easy to miss taking some deductions because you don't know about them, you forget about them, or your business records don't adequately reflect the expenses you've incurred.
Expenses can be deducted if they are ordinary and necessary. Ordinary means that someone else who has a business like yours would likely have a similar expense. Necessary means that you needed to spend this money in order to operate your business. In general, business expenses are deductible if they are costs you wouldn't have had if you didn't have your business. In other words, if you would have had this expense, even if you didn't have your business, it's probably not deductible.

A list of common deductible business expenses follows. You may have expenses, unique to your business, that aren't on this list. If they are ordinary and necessary for your business, they are deductible.

· Advertising and promotion, including charitable contributions that result in publicity for the business.
· Accounting and bookkeeping fees (including the portion of your tax return preparation fee that includes your business return)
· Bank service charges
· Car and truck expenses. You can either use the mileage rate or the business percentage of the actual auto expenses you had (gas, insurance, repairs, lease payments, car depreciation, etc.) Don't forget the miles you drive on errands such as picking up office supplies and going to the post office.
· Contract labor, including subcontractors and consultants. It's best to list these expenses on your return in the category of expenses covered (i.e. 'graphic artist', 'computer consultant', etc.) rather than listing them as 'independent contractors'.
· Credit card annual fees for cards used in your business. If your card is used partly for business and partly for personal expenses, pro-rate the fee accordingly.
· Computer supplies.
· Depreciation on business furniture and equipment and vehicles. See Section 179 of the IRS code for specific allowed amounts
· Dues and fees related to your trade of profession
· Education, including seminars and conferences that increase your knowledge and skills. You can't deduct the cost of education that prepares you for a new line of work.
· Employee pensions and benefit programs
· Entertainment and business meals (these are 50% deductible)
· Equipment, including computers (see information about depreciation.)
· Furniture for your office or home office
· Gifts to business associates or clients (up to $25 per person per year is deductible)
· Home office expenses, if you qualify. The rules for deducting a home office have relaxed as of 1999. You qualify to take the deduction if you have a space in your home that's used regularly and exclusively to do the administrative work for your business. If you claim the deduction, the business percentage of all related expenses (i.e. insurance, real estate tax, mortgage interest, rent, maintenance, etc.) can be taken Even if you don't claim the home office deduction, you still can deduct phone expenses and the purchase cost of such items as a file cabinet or desk.
· Insurance. This includes liability, malpractice, business overhead, workers compensation, and other business-related insurance. Disability insurance is not deductible.
· Interest on business credit cards and loans. As with credit card fees, interest on a card used for both personal and business expenses needs to be pro-rated.
· Legal and professional fees, including costs for preparing the business portion of your tax return
· Licenses and fees
· Magazines and books that you need for your business. General circulation publications, including the local newspaper, are usually not deductible.
· Maintenance and repairs on equipment and office or store space
· Office supplies
· Online fees, based on the percentage you use the Internet for business
· Parking and tolls. Don't forget to include the amount you spent on parking meters.
· Payroll taxes that you pay on behalf of your employees (not the taxes that are withheld from your employee's pay checks.)
· Postage, delivery, and freight costs.
· Printing, copying, and fax charges.
· Rent of equipment and store or office space
· Small furnishings and equipment
· Small tools
· Telephone (you can deduct long distance business calls made from home even if you don't qualify for an office-in-home. Monthly service charges are deductible only if you have more than one phone line in your home.)
· Travel for business, including costs to go to seminars and conferences. Deductible travel costs include hotels, airfare, taxis, car rentals, tips, and so on. These expenses are 100% deductible. Travel meals are only 50% deductible.
· Uniforms or special work clothing (i.e. steel toed boots or coveralls)
· Utilities
· Wages paid to employees

This list is not exhaustive and certainly you should check with a tax professional before making any decisions.

Helping You Find Peace and Prosperity
David Carroll
952-544-0117
www.thehomebusinesscompany.com

Do You Have The Right Stuff

2008-01-23T14:28:00.001-06:00

Starting a small business takes a lot of courage. Unfortunately, courage doesn't pay the bills. To be successful — to stay in business — you need more than courage. You need a combination of hard work, skill, perseverance, and good old-fashioned luck.

Generally, people who start their own businesses can be grouped into two broad categories. The first group consists of people who know exactly what they want to do and are merely looking for the opportunity or resources to do it. Usually, these people have already developed many of the skills necessary to succeed in their chosen field. They are also likely to be familiar with industry customs and practices, which can help during the startup phase of a new business.

The second group consists of people who want to start their own business, but don't have any real definite ideas about what they'd like to do. While these people have developed skills in the course of their employment or education, they may not be interested in opening a business in the same field of endeavor.

How you proceed will depend, in large part, on which group you're in. For those who know what they want to do, the task is a bit easier. There's no need to research business ideas and opportunities to decide which might be suitable. Instead, these people can jump right in and assess their chances for success in the type of business they've selected. Those who merely want out of the traditional corporate world have an extra step: choosing the right small business for you.

In order to decide what business is right for you there are a few questions that you should consider such as:

· Understand the responsibilities of ownership. What's involved in owning a business and what are the roles you'll have to play if you own one? This is a good place to start if you're considering starting your own business but haven't owned one before.

· Set your goals. What do you want from your business? If you want to "succeed," how will you know if you get there? Knowing what you want from your business permeates all of the other decisions you'll have to make in starting a new business. It will affect which business you choose, how you evaluate your chances for success, and how you determine if you have the right skills.

· Find out if you have the right stuff How can you evaluate your own skills and make judgments about whether you're ready to own your own business? This is a good place to start if you already know that you want to own a business.

· Estimate the impact on your everyday life. How will your life change when you become a business owner? Many of the more "secure" aspects of employee life will vanish when you open up your own business.

Helping You Find Peace and Prosperity
David Carroll
952-544-0117
www.thehomebusinesscompany.com

Clearing up some Tax Misconceptions

2007-12-26T21:13:00.002-06:00

CLEARING UP SOME TAX MISCONCEPTIONS

As the end of the year draws near, some really on the ball folks like to get their paperwork in order as the W2’s and 1099’s start to arrive. Below you will find some common myth’s about tax laws that can you in filling out your forms or deciding to make some last minute expenses or deductions to decrease your taxable income.

MYTH: Using the automatic 4-month extension of filing your tax return by April 15 exposes you to a greater risk of being audited.
Wrong. There's no correlation between using the automatic extension and getting audited.
MYTH: Using the preprinted label on your return increases your chances of being audited.
Wrong. The preprinted label is used to speed up return processing. There's no correlation between using the preprinted label and being audited.
MYTH: You can't claim your parents as dependents unless they live with you.
Wrong. Parents need not live with you their children to be claimed as dependents. If other requirements regarding amount of support and amount of parent’s income are satisfied you can claim your parents as dependents even though they do not live with you.
MYTH: Money received as a gift or inheritance is taxable.
Wrong. Not as a general rule. Money or property received as a gift or inheritance is exempt from income tax if the gift is under $13,000. Payment of the gift or estate tax is the responsibility of the donor or the decedent's estate. However, if the gift or estate tax isn't paid the IRS can collect the tax from the donee or heir.
MYTH: Distributions from tax-free funds are always tax-free.
Wrong. In addition to income, tax-free funds sometimes make capital gains distributions. The capital gains distributions are subject to income taxes even though they are distributed by tax-free funds.
MYTH: Canceled checks are always accepted as proof of charitable contributions.
Wrong. A written acknowledgment from the charity is required for all charitable contributions of $250 or more. A canceled check is not considered sufficient substantiation for contributions of $250 or more. Also, new in 2007, charitable donations such as clothing to the goodwill now needs to be itemized if it is over $500.

Please note, I am not a tax advisor or a tax professional. For more information, please check with a professional.

Helping You Find Peace and Prosperity
David Carroll
952-544-0117
www.thehomebusinesscompany.com

Get Out of Debt the Smart Way

2007-07-21T14:03:00.003-05:00

Get Out of Debt the Smart Way

No matter how much money we make every year, Americans statistically carry a higher debt to income ratio then 25 years ago. Experts like Suze Orman and others offer simple, everyday solutions to try and manage your debt on a daily, monthly, yearly and long -term basis.

Some basic steps include:

• Pay off high income rate credit cards. If you do not have the cash on hand, try and move the balances over to lower rate or fixed rate card.
• Always pay more than the minimum payment every month. This will help eliminate The endless cycle of just putting money towards the interest and not lowering the principal balance
• NEVER make a late payment. The majority of companies now allow you to make payments online free of charge. You also can set up reoccurring monthly payments so that you know that you will never be late again.
• Monitor your credit scores. The Fair Credit Reporting Act (FCRA) requires each of the nationwide consumer reporting companies to provide you (upon request) to one free credit report every 12 months. These can be obtained online at the following sites:
1. www.transunion.com
2. www.experian.com
3. www.equifax.com
• Be sure to dispute any information on each report that is incorrect, out of date or accounts that do not belong to you
• Try to stay well below your credit limits. In other words, if you have $10,000 of credit available, it is wise to use the 80/20 ratio and keep 80% of your credit available.
• Try to have 3 months income saved in case of emergencies
• Banks such as www.ING.com. Currently are offering interest rates for savings accounts with no minimum balance between 4-6%, well above the national average.
• If you find that you are in over your head look to non-profit companies like www.acc.net to help manage your debt and possibly work with your creditors to lower interest rates and payment and help get you back on track.
• Finally and most importantly, if you can’t pay cash DON’T BUY IT

Helping You Find Peace and Prosperity
David Carroll
952-544-0117
http://www.thehomebusinesscompany.com/