Home Business Taxes and Deductions

As a home business owner, you may be required to file estimated tax returns and pay estimated taxes quarterly. If you have employees, you also have to submit taxes withheld from employee paychecks. Here are some of the taxes you may be responsible for:

Employment taxes -- Federal income taxes, Social Security and Medicare, federal unemployment and state income taxes.

Federal self-employment tax--Required by those who work for themselves to cover Social Security and Medicare contributions.

Sales tax--Each state requires a sales tax number for any company involved in selling tangible items. Sales tax is collected, reported and paid to the state either monthly or quarterly.

Unemployment insurance tax -- You are required to pay federal and state unemployment taxes if you have more than one employee on the books for at least 20 weeks in a calendar year, or if they have paid more than $1,500 in gross wages in a calendar quarter.

A home business qualifies for all of the same tax deductions regular businesses do. In the eyes of the IRS, the only difference between most home businesses and Fortune 500 Companies is their size, and the fact that home businesses can also deduct many household and living expenses. Owning a home business will entitle you to deduct thousands of dollars in every day expenses. After all, why pay more in taxes than you have to?

Listed below are just some of the items you are allowed to deduct:

Your car and car expenses.
Your mileage.
Your home computer, printer and other office equipment.
Your home. If you're not a homeowner, you are allowed to deduct the area where your home office is set-up.
If you're a homeowner, you may deduct a portion of your property taxes and utilities.
Your travel expenses.
Your restaurant meals, entertainent, dinner parties.
You may pay wages, tax free, to two of your children, if they are involved with the business.
You may deduct your families health insurance.

Arthor and Source: Dean Phillips

Small Business Loan Tips and Tricks

Sounds easy, well it is. First, get to know who your investors are going to be. If you are looking for a small business loan you are most probably going to borrow the money from a bank. A bank will look at you and your business and ascertain if it is a sound investment. They examine your risk potential and make a verdict on whether or not to move forward with approving your loan request.

How to get a Small Business Loan

Free Small Business Software

Small business software is a booming industry. Nowadays, every type of business needs to manage its movements and record every action using computer software. Business software is designed to help with the administration and maintenance of a business. Of course, small businesses are no exception to the rule.