Start Your Own Tax Business – Whether you’re taking advantage of the extended time to file your 2019 tax return or thinking ahead to your 2020 return, here are a few things to consider.
Regardless of the outcome, each taxpayer must decide how to file their taxes. Although online tax software can make doing your own taxes easier, it is not a one-size-fits-all solution.
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Here are some tips to help you decide whether you should do your own taxes or hire a tax professional.
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The US tax code often leaves taxpayers feeling intimidated by its ever-changing nature and complexity. But if you have the right tax situation, doing your own taxes can be easier than you think.
There are many free or affordable tax software programs online that make filing a tax return simple and easy. These programs turn the process into a data entry system instead of a complex mathematical and administrative beast.
Some tax software programs make tax preparation faster now by providing a tool that automatically extracts important information from an image downloaded from each form.
Here are some situations that may indicate that you have a simple tax that can be filed separately:
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Fortunately, for those who choose to file on their own, most tax software programs offer online support to help answer common questions. You can also update your product file and get access to experts who can answer your specific questions and review your tax return.
Taxes for yourself are not for everyone though. Many people face a complicated tax situation that requires navigating multiple financial forms, tracking business income and accounting for multiple types of investments.
Keep in mind that you are responsible for the accuracy of all information provided on your tax return – even if you hire someone to prepare it.
Before submitting your tax return, do a thorough review for any errors and make sure all information and documents are complete and accurate with your information. Be sure to keep all related records for at least three years if you are selected for an Internal Revenue Service (IRS) audit.
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Note that you can take advantage of free tax software, even if you have a complicated tax situation. If your adjusted gross income (AGI) is $69,000 or less, you may qualify for a free tax exemption through the IRS.
But even if you know your taxes, you may want to outsource the work to save time, avoid mistakes and skip the headache that comes with filing your taxes.
To get started schedule a free 20 minute call to speak with a member of our team. We’ll ask you some basic questions to get to know you better, step you through the financial education process, and answer any questions you may have. No pressure to join! Starting a home business is not a new concept, but it is increasing in popularity, thanks in part to the economic impact of the COVID-19 pandemic.
The result was a proliferation of home-based, online businesses. Here we will discuss how important it is to evaluate your options for starting a home business and how it can help you achieve your professional and financial goals.
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When you’re ready to start a home business, there are a few things to consider before you get started:
According to a 2020 survey, 28 percent of people who had already planned to start a business said that COVID-19 accelerated their plans. Another 42% of those who started a new business or plan to start a business said they eventually took on their side gig full-time.
But here’s the best part: The owners of these new businesses feel very optimistic about their future prospects. Over 70% of new business owners are optimistic about their success in 2021 and beyond.
Home businesses have become popular and even successful options for business owners who are just getting the ball rolling. Here are some examples of great home businesses you can start right now:
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A virtual assistant, often known as a VA, helps with administrative and organizational tasks of all kinds. For example, some VAs help with travel planning, calendar organization, administrative tasks, and customer service.
Freelance writers create blogs, articles, short stories, and even articles either for themselves or for clients at an agreed price. Jobs like these are hunted on LinkedIn and job boards, or they may even need to be cold cast online. However, if you can establish yourself and have a work record to back up your experience, there will always be a need in this area.
Another great work at home job that is in high demand is digital marketing. Digital marketers are responsible for motivating consumers to purchase goods and services through marketing strategies. With most of our purchases being made online now, digital marketing professionals are in high demand.
Designing is easy to start at home thanks to convenient products such as print-on-demand and drop-shipping, where you don’t need to have the products on hand to start. Creative design may include:
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Some jobs can affect others more, certainly no more than a teacher. Home teaching through virtual learning centers is now a popular choice for classroom teaching. Enrolling in these programs is quick, easy, and free, making them a great work-from-home option for those interested in teaching.
If you are reading this article, you probably already have a home based business idea. You looked at your passions, your interests, and your skills, and you said, “I can sell this.” You are off to a good start. But when it comes to starting a successful business, you need more than just an idea. Here are some things to consider:
For example, selling digital art online can easily be done from a home office, but a plant business can quickly outgrow your home kitchen. A business plan serves as your road map for growth. If you’re not sure where to start, a business plan template can walk you through it, step by step.
No matter what you’re selling, you may have some competition. Knowing and analyzing your competitors will give you valuable industry insight and help you develop better business strategies. You need to know what they are selling, how they are selling it, and who they are selling it to. The “best” part is important: they are your target market.
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Understanding your target market will help you build effective marketing strategies and attract more customers. Social media is a great place to start your research. See what your competitors are posting and how their customers are reacting to it. Doing this research first will help you build your business plan.
It is possible to start a business with no money, but almost all new businesses start with start-up money such as:
All of this comes at a price. It is a good idea to calculate your initial expenses before you start and find out how to pay them. If your income is low, you can pay out of pocket.
If you need more money to expand your business and operations, there are a few options to consider:
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These are all popular ways to save money. If you’re not ready to take the financial leap, working part-time or looking at your new business during evenings and weekends can bring in some extra cash while you’re on your feet.
You’ve written your business plan, done a competitive analysis, identified your target market, and calculated your startup costs. Now it’s time to hit the ground running. Here are some additional steps you can take to build a successful home business:
Marketing is the process of getting paying customers for your product or service. It is not only a good idea but it is necessary for any business to succeed. It also comes in many shapes and sizes with different companies using different marketing techniques for their target audiences, including:
Your kitchen table serves as a temporary desk, but if you’re serious about your business and want to increase productivity (and save your bottom), you’ll need some permanent space to work. Also, separating your work space from your living space can keep the line between work and life clear.
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For some, this may mean your home office ends up in the garage or basement. If so, you are in good company. Remember, Jeff Bezos and Bill Gates both started their multi-billion dollar businesses in garages.
Keeping good financial records is the key to starting a successful business. Opening a business bank account is an easy way to track and record business expenses. Keep money separate from your money to protect your assets.
It can also help you take advantage of the many tax and credit benefits available to small business owners. Keep in mind that if you decide to register your business as an LLC or a corporation, you must have a separate bank account for your business.
More than 60 percent of experienced business owners say the first thing you need help with when starting a new business is getting your financial system right.
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According to the survey, these business owners wish they had invested in things like fundraising and invoicing earlier.
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