When starting a legitimate online home based business there are so many things that cross a person’s mind. One of the biggest challenges in starting a legitimate online home based business is the person themselves. Starting a legitimate online home based business can be scary because there is so much that goes into it. A legitimate online home based business is not something you can pick up and start doing without having money and doing research. The money aspect strikes fear in the minds of many; we all worry about money even if we have a successful legitimate online home based business . Not knowing where that money is going can be even scarier. We tend to ask ourselves so many questions when starting a legitimate online home based business. How much money will I need? How many hours will I have contribute to this business? Will I be successful? How long can I do this for? Am I smart enough to pull this off? Will someone help me? Believe it or not; if you have the right attitude you can have all of these questions answered and be happy in no time.

Probably the most asked questions by people are? How much money will I have to have in order to start my legitimate online home based business? And how much money can I make? Well, in-order to start a legitimate online home based business you will definitely have to spend some money. When I started my legitimate online home based business I spent about 0, I thought that was great; the problem was I did not make that money back. After making the necessary changes to my website I ended up spending another 0. Now here is where one of those fears comes in to play. Some people would spend that first 0 or more and give up because they lost it, and did not make anything in return. The fear creeps in and says to you “Do you want to put more money into this not knowing if you are going to be successful or not?” The answer is yes; no one who has started a legitimate online home based business has breezed through the start up phase; there is a trial and error period for everyone. If you can see where you went wrong and then change it, you are on your way to being successful. Legitimate online home based businesses are marathons, not sprints. I make changes to my website and thought process daily, get used to it. The ones who are successful in this legitimate online home based business can take the negatives and turn them into positives. In regards to how much money you can make it is up to you; you get what you put into it. I am sure we have all seen the “get rich quick schemes” that tell you can make ,000 a week; guess what? They are not really telling you the whole truth. You actually can make that kind of money; I know people who are; what they do not tell you is how to do it before you sign-up. If you want to make that kind of money you better be prepared to work hard and be very resilient. I make great money doing this, but it did not happen overnight. You should expect to put at least 8 to 10 hours a week into your legitimate online home based business when you get started. The further you get into the process, the more time you will find yourself spending on your legitimate online home based business. From what I have seen, the people who are successful started out working some hard hours; worked even harder longer hours as time went by, and then worked less hours because they got their legitimate online home based business  to the point where their website does most of the work for them.

Another fear that creeps into our minds is; will I be successful at this? The answer to this question is up to you. If you want to be successful and are willing to do the groundwork, you will be. Here are some tips on how to be successful; first of all, it is all in your head. When I was younger my parents told me something I will never forget; they said, “Alexander, what you get done today may not payoff for you immediately; you might not see the desired results until years from now? When I heard that I got a little depressed; I was a kid and wanted things fast. As I have gotten older I realized how true that is; it is all about patience. When you start a home based business, try to set some big goals and even more little goals. The little goals are the ones that will payoff faster; the bigger goals will eventually come and give you the most satisfaction. Write down the little and big goals; fold the paper up with the big goals and do not look at it over and over again, you will get depressed. Keep the smaller goals in front of you and keep looking at them; that’s the road map to the big goals. Another thing to remember when asking yourself if you will be successful or not is: this legitimate online home based business is a very competitive. We all have had jobs and had competition; well imagine having thousands of competitors. In this business you are up against some of the brightest advertisers in the world. Don’t get discouraged though; there is enough to spread around for everyone to get a piece of the pie. Try not to worry about what others are doing; focus on your little goals and challenge yourself; if you do that, you will be successful. If you got the guts and work hard you will make your dreams come true. You do not have to be very smart to pull this off; you need to ask questions and try new things. You are only going to learn from the mistakes you make, and plan to make a lot of them. I make mistakes all the time, but I never make the same on twice, and that is the key. This legitimate online home based business changes all the time; you have to role with the punches in order to make your legitimate online home based business work.

In regards to getting help in this legitimate online home based business; remember you will never be alone. The Internet is loaded with resources and people who can help you be successful. There is not one question that you have about your legitimate online home based business that can not be answered almost immediately. Unfortunately not everyone will help you, but there are a lot of folks who can guide you through the process. I would not have gotten to where I am today if was not for numerous people. I belong to a legitimate online home based business forum where I can chat with people who are doing the same thing as me. Join one of these forums and latch onto someone who has knowledge and makes you feel comfortable. If you think you can start a legitimate online home based business by yourself, you are not going to make it. I am not smart, but my web friends are!! The skills I lack I lean on them for; the skills I have are used by them. We need to work together in order to find new ways to advertise and keep up with the ever changing legitimate online home based business world; if you try it by yourself you will be out of this legitimate online home based business in no-time. Another thing to remember is: be true to yourself and do not be one of those scam artists. If you play by the rules you will have a better chance of long-term success. If you lie to people you might make it for a little while; eventually your actions will catch-up with you. I am 27 years old and I do not know everything; I do know one thing though; what goes around comes around, that is probably the greatest statement I have ever heard, because it is true.

I want everyone to be successful in this legitimate online home based business. It is important to believe in yourself; YOU CAN DO IT! Just work hard and do not give up; do as much research as possible. The research will be the backbone of your legitimate online home based business . You need knowledge to succeed, and all the knowledge you will need is out there for you to grasp, and most of it is free.

Alexander Gorbachev owns the Home Business Resource Directory where you can find everything you will ever need to start, run and grow a home business at: http://www.WorkAtHomeGreat.com


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Home Based Business Tax Benefits

Did you know owning a home based business has considerable tax benefits? The idea that only the rich have access to tax benefits is a myth!

The first step is to own a home based business and run it with the intention to make a profit. The crucial word there is “intention”. You don’t really have to make a profit to take advantage of these benefits. Now, you can begin a home based business for little cost and can run it part-time from your home while having a full-time job.

In time, and with some effort on your part, you will be able to leave your day job and work from your home full-time and take advantage of all of the benefits a home based business has. The best part is you can take advantage of the home based business tax benefits as soon as you start your new business!

Owning a home based business allows you to deduct some personal expenses you wouldn’t usually be able to deduct. These things include but are not limited to: dining out, a new computer for the office, dental and medical expenses, and some vacation related expenses. The money you can deduct for operating a home based business is not insignificant and can amount to well over ten thousand dollars.

Here are the top five deductible expenses for Home Based Businesses:

1. Vehicle Deduction

This IS the most complicated home based business tax benefit you get. It is also where most people get into trouble with the IRS because they didn’t properly document their vehicle related deductions. If you are going to use vehicle deductions, I can not stress enough that you MUST document everything properly. Keeping a diary or travel log to track mileage, maintenance costs, etc. will save you time and many headaches.

How does the vehicle deduction work? Basically, you determine how much of the time you use your vehicle for your home based business as a percentage. You are then permitted to take that percentage of time and apply to the cost of operating your vehicle. For example, if you use your vehicle 60 percent of the time for your home based business, you are allowed to deduct 60 percent of the costs of operating the vehicle.

 

2. Meals and Entertainment Deduction

First things first, in order to take advantage of this tax benefit, you must have proper documentation. This primarily means you need to save your receipts and record who you spoke to about your home based business. Normally, you will be able to deduct up to 50 percent of the cost, but make sure you check beforehand.

As long as it is related to your home based business and document the costs properly, you can also deduct up to 100 percent of the expenses of entertaining people in your home. You may come to recognize the tax benefits are much greater if you entertain in your home instead of taking someone to your favorite restaurant.

3. Home Office Deduction

This one of the more complicated home based business tax benefits, but it has the potential to save you thousands of dollars every year you own your business.

To claim the home office deduction:

1. You must render significant administrative or management activities for your business out of your home. For example, you do your paperwork, make calls, do your training, and perform other business functions out of a set area in your home.
2. You have no other office where you conduct significant management or administrative activities for your business.
3. You must use a specific part of your home exclusively for business. It doesn’t need to be an entire room though. A particular section will do.
4. You must use this designated section regularly for at least 45 minutes a day, four or more days a week. The work hours must not be occasional or sudden.

What can you deduct? You are permitted to deduct part of your home, utilities, and part of the interest and taxes you pay that are related to owning your home. You can also deduct office supplies like new computers, printers, phones and furniture used for your home based business.

 

4. Travel Deduction

Did you know the Internal Revenue Code (Section 162) allows you to deduct “traveling expenses…while away from home in pursuit of a trade or business…”? As the owner of a home based business, you can visit family and friends all over the world and deduct some of the expenses associated with the trip. You just have to make sure at least half of the days of your trip are “business days”. Essentially, as long as you plan ahead and document properly, you can deduct a lot of the costs associated with traveling and vacationing… Every year. How is that for a home based business tax benefit?

 

5. Medical Expenses Deduction

In order to take advantage of this home based business tax benefit and, you need to employ your spouse and cover them with a comprehensive family medical plan. This permits you to deduct all of the costs associated with the your family’s medical expenses. But, there two important requirements in order to take advantage of this deduction.

The first is you must have proof your spouse has done actual work for your home based business. The second is you must establish a legal document called a “Self Insured Medical Reimbursement Plan.” Do a search on that phrase in Google to see what that entails. It’s pretty straight forward.

That’s it. Utilizing these five strategies correctly will allow you to take full advantage of your Home Based Business Tax Benefits and can save you thousands of dollars every year. The best part is they are completely legal and ethical!

If you are not sure how to do anything mentioned in this article or have any other questions, please consult a tax professional. Do not assume what you are doing is correct until you speak with a tax professional.

If you would like to learn more about Home Based Businesses, please check out TimBeaudoin.com.

Home Business Owner

TimBeaudoin.com
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