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10744061866?profile=originalOver the years, I have had the privilege of consulting many first time business owners. One of the most common concerns that comes up is the fear of owing taxes on the money they earn. So many cash based business owners avoid taxes altogether. If you're considering ignoring taxes this year, here are five reasons to file a return for your business.

 

1. Retirement Savings

In order to save for retirement you must know how much money you're making in business. This not only requires good money management but tax strategies, as well. A component of funding your retirement includes credits to your social security account. When you're self-employed, the payments that you make for Self-Employment tax are reported when you file your tax return. No return, no credit.

2. Business Opportunities

There are instances where tax returns are a requirement to business growth. If you are considering applying for certain business certifications, loans, or grants, for example, you will need proof of running a legitimate company. Certifications can open doors of opportunity to larger contracts and more income. However, one requirement of most applications is a filed income tax return.

3. Refundable Credits

A common tax myth that business owners have involves reporting zero income or net losses. However, you may be surprised at the tax benefits even when there is little or no profit to report. The Earned Income Credit, for example, is a refundable credit that can put between $457 to $5,666 in your pocket. If you qualify, the refund is extra money that you can use to grow your business or take a much-needed vacation. The choice is up to you.

4. Easy to Do

There are many options that make it convenient to file a tax return. Some choices include Do-It-Yourself tax software, electronic filing, and paid tax preparers who will prepare the return for you. Each of these are designed to take you through the process with ease.

5. Your Responsibility

Aside from the benefits above, another important reason to file is tax compliance. As a person earning taxable income you are responsible for filing a timely income tax return each year. Failure to do so can lead to late filing fines, penalties, and possible time in prison.

Now that you know why you should file, visit http://www.tbsusa.com and download my free audio to learn how to slash taxes and keep more of the money you make in business.

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Entrepreneurial Success = Learning All You Can

10744054460?profile=originalAs a woman business owner it is important to learn all you can about being successful in business. If you're like most other entrepreneurs who want to stay in the know you probably follow thought leaders and gurus. But did you know that another great place to find success tips is by to simply pay attention to what you see in everyday life? Here's a few insights that I gleaned by observing the way an ant goes about its day.

Diligence

Ants are probably one of the best examples for learning about the power of diligence and how it helps produce great results. The smallest of all creatures it is likely one of the most productive of all living things. When compared to people who are slothful in work, the ant helps us see two distinct traits that lead to success. It is a model for traditional careers and for those who are self-employed. The ant realizes that there is a time to sow and a time to reap. Business cycles follow this same pattern so it is critical that we prepare for the ebbs and flows and to remain energetic in our work. As you anticipate the change in seasons maximize sales by raising the bar in productivity. You will be glad you did when there is adequate cash reserve to carry you through the not so good seasons.

Independence

In order to be successful, there are two behaviors that you can adopt from the ant's example. First, cultivate independence. It is important to be able to manage time well on your own without requiring supervision. Being your own boss requires you to make every effort to carry assignments through to completion. This will become second nature as you become more aware of the urgency to get work done within a specified time frame. When it comes to work ethics another lesson the ant teaches is to not put off tomorrow what you can do today. Allow this standard to become part of your work DNA so that you are consistent in following through.

Alertness

Another important point to note is that you also need to heighten your sense of alertness. Develop this skill by getting familiar with your company and industry's cycles. Conduct research often and prepare forecasts so that you are always ahead of the game. Use your findings to answer questions such as:

  • When is the best time to invest resources into marketing, networking and advertising?
  • When can you expect those results to produce?
  • What do you need to do now in order to ensure a bountiful harvest during peak and off seasons?

These are just a few tips that I learned from paying attention to the ant. I'd also love to hear yours.

To your productive day!

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Having a home based business can be fun but it takes a lot of work to get a company off the ground. People often see the glitz and glamour of work-at-home business owners but do not often see what goes on behind the scenes. What follows are some of the pros and cons of living and working in the same place.

#1: Be Your Own Boss

Owning a home-based business is quite an exciting time in the life of an entrepreneur. For those who are serious about growing their company the effort is very challenging. There is a lot to learn and you wear many hats so there is rarely a dull moment in business. However, this also means that you lose much of the freedom that you may be used to in terms of spending time with family and friends. The flip side is when you run a home-based business you should not have to go it alone. When possible seek help from others to avoid burnout and overwhelm. A good place to start is with your family, friends, or colleagues who may want to earn extra money. Another option is to hire contract employees such as a virtual assistant, bookkeeper, or accountant.

#2: Set Your Own Salary

Having your own business is not like working a traditional job where you receive a regular pay. In fact, when you are just getting started there may be consecutive periods where you barely earn enough to break-even. However, as demand for your products and services increase there will be limitless opportunities to create the income and lifestyle of your dreams. Stay focused on improving sales and maximizing the bottom line so that you can reap the benefits of ample profits.

#3: Comforts of Home

Having an office in your home is convenient. Many people who work-at-home pride themselves on being able to run their business in their pajamas. However, one point that should be made is that although comfort is a benefit it must not overshadow your attitude of professionalism. So even if you are a no suit environment keep in mind that customers may not see the clothes you have on but they do see the results of your mindset.

Working from home is a great way to create your ideal lifestyle. This article highlights just a few of the things that happen behind the scenes. Talk with other entrepreneurs to get a better idea of working from home so that you know if this is the right move for you. To get more tips about running a home based business visit http://www.tbsusa.com

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