Work That Plan!

Consider the Home Office Deduction

2011-03-20T20:18:00.002-04:00

Work From Home? Consider the Home Office Deduction

Tax Tip 2011-53, March 16, 2011, Courtesy of www.irs.gov.

Whether you are self-employed or an employee, if you use a portion of your home for business, you may be able to take a home office deduction. Here are six things the IRS wants you to know about the Home Office deduction

1. Generally, in order to claim a business deduction for your home, you must use part of your home exclusively and regularly:

as your principal place of business, or

as a place to meet or deal with patients, clients or customers in the normal course of your business, or

in any connection with your trade or business where the business portion of your home is a separate structure not attached to your home.
2. For certain storage use, rental use, or daycare-facility use, you are required to use the property regularly but not exclusively.

3. Generally, the amount you can deduct depends on the percentage of your home used for business. Your deduction for certain expenses will be limited if your gross income from your business is less than your total business expenses.

4. There are special rules for qualified daycare providers and for persons storing business inventory or product samples.

5. If you are self-employed, use Form 8829, Expenses for Business Use of Your Home to figure your home office deduction and report those deductions on line 30 of Form 1040 Schedule C, Profit or Loss From Business.

6. If you are an employee, additional rules apply for claiming the home office deduction. For example, the regular and exclusive business use must be for the convenience of your employer.

For more information see IRS Publication 587, Business Use of Your Home, available at http://www.IRS.gov or by calling 800-TAX-FORM (800-829-3676).

Helpful Links:
Publication 587, Business Use of Your Home (PDF 214K)
Form 8829, Expenses for Business Use of Your Home (PDF 64K)

For additional tax tools, vist www.TaxDivas.com.

11 Ways to Make Life less Taxing with the TaxDiva:

2011-01-25T07:12:00.002-05:00

1. Taxes prepared by someone knowledgeable that you know and trust with over 20 years of tax experience (Former IRS Auditor).

2. Free Electronic Filing so you get your money fast at no additional cost.

3. Free prior year tax return review.

4. Free Tax Organizer & Deduction Finder.

5. Access to resources to help you Plan, Plant, and Prosper.

6. Year round availability for tax planning.

7. Client referral program (refer a paid customer and get rewarded).

8. Family discounts.

9. 50% off Maryland Personal Property tax and Home Owner tax credit returns.

10. Attend the Annual Winter Income Tax Open House on February 12th, from 12-1:30 pm, register at www.openhouse2011.eventbrite.com.

11. Visit www.TaxDivas.com for money saving resources and a copy of the Strategic Simple Tax Organizer or call (443) 994-3084 to schedule your tax appointment.

Get Your MBS! What are you waiting for?

2011-01-06T16:53:00.000-05:00

The government cannot save you! With unemployment at 9.8%, neither will a job. Save yourself and your business with the 60 Day MBS (Maryland Business Stimulus) Challenge.The challenge consists of tasks selected to help level the business playing field. Competition is alive so you need to play with the correct people, places, and tools. The tasks are organized to take about 60-minutes per day.

• Tasks such as register for eMarylandmarketplace, a free program that sends RFPs to your inbox.

• Another task, intended to help you focus, includes organizing your office for efficiency. A cluttered office is the path to a cluttered mind.

• Helping you do more with less time, another task rewards you 15 points for outsourcing a task. Try it; you’ll be glad you did.

• Another task is to become a Maryland Green Registry Member. A program that helps the environment while giving your business free online exposure.
Embracing technology is a no-brainer so many of the tasks will get you up and running electronically.

The challenge ends on March 12th so start checking things off your list, today. You will earn rewards (points) as you complete the task, not to mention the exposure and support that you will receive.

Each month an optional check-in session is scheduled to share tools, tips, and challenges. Do not delay, grow your business today.

Register now at www.60day.eventbrite.com then check-in at www.facebook.com/60daymbs and make some new friends.

The Time is NOW to Get Your MBS! Maryland Business Stimulus

2010-12-16T17:48:00.000-05:00

The 60 Day MBS Business Challenge was created to help small business owners and entrepreneurs level the business playing field. It is an efficient way to help you develop your business while managing your already busy schedule. If you can invest at least one hour each day from December 10th until February 15th, 2011, you can get a lot done. Double up some duties and you can stay on schedule if your are joining after the 10th. Register for the business challenge at www.60day.eventbrite.com through December 31 at no cost (you will also be sent a worksheet for keeping track of your points/rewards). Get your MBS! Check out the www.facebook.com/60daymbs for helpful discussions and comments.

Complete the following tasks:

60 Day MBS (Maryland Business Stimulus)

1. Join 60 Day MBS Fan Page (www.facebook.com/60dayMBS)
2. Organize workspace for efficiency
3. Complete a 2011 Simplified Strategic Business Plan (only 9 pages, includes income projections and marketing budget)**
4. Meet with a commercial banker, DBED, or business assistance center
5. Get strategic partner, mentor, or form/join a mastermind group
6. Outsource a task/service or read a book*
7. Update Website or Blog with 2 testimonials, 1 case study, or 2 value statements
8. Add 60 people to your permission based “list”
9. Identify 4 Accounts Achievable
10. Create an identity theft policy or a customer satisfaction policy
11. List your organization on 8 online sites
12. Make 4 posts to your Blog and/or Facebook Business Page
13. Send 2 Constant Contact Email Campaigns
14. Submit Maryland M/WBE Certification paperwork or prepare/organize your 2011 tax season records **
15. Complete Baltimore City Certification or join 4 local bid lists
16. Create a YouTube Video/Podcast/Webinar *
17. Register for the eMaryland Marketplace and Small Business Reserve Programs
18. Create a capability statement or tip sheet
19. Become a Maryland Green Registry Member
20. Identify 4 ways to save money/cut costs
21. Adopt or support a charity or cause
22. Attend or sponsor 2 business events
23. Accept credit cards or gift certificates
24. Identify an alternative payment method

Reward system: Each item is worth up to 5points except for the following: * = up to 15 and ** = up to 25. Possible rewards (points) 24 items = 200 points
You are rewarded at 150+.

Are you up for the challenge? Are you committed to a successful 2011?

Get Your MBS! Maryland Business Stimulus

2010-11-30T10:28:00.000-05:00

Check out www.facebook.com/60daymbs.

Sign up at www.60daymbs.eventbrite.com.

Nephew - Business Closed!

2010-09-19T22:55:00.000-04:00

Do you believe that if you build it, they (customers) will come?

Summer Time - And the Living is easy....

2010-07-08T00:10:00.000-04:00

Take the goal poll: http://tinyurl.com/goalpoll
Thanks

Recently, I called my nephew (he is 13 and 10 months old) to find out his plans for the summer. He told me that he wanted to work but that he had to be 14 to get a job. I suggested that he starts his own business. He calculated that he needed $971.00 to pay for a year of services for the new iPhone 4 (I think that he left the data plan out, anyway..). Well, I tell you that like many others, I heard the excitement in his voice as we started planning his business. No, I did not charge him because he would not have paid me...the boy is tight with his dollars.

After putting together a nice menu of services with low prices, coming up with a catchy name, and getting a business email address; he is now waiting for clients. I hope this does not sound like you. You have/had a great idea or a great business and nobody knows. If you need help growing your business, take a look at http://tinyurl.com/summer-tools to find more than 100 ways to grow your business or schedule your appointment at www.summerbiz.eventbrite.com. Let me know what you are doing to grow your business. Did you notice that my clientless nephew has a goal that is driving him (his iPhone 4. I think that with a goal, the right attitude, and some knowledge, he will be okay. What goal is currently driving you?

Well, is the living easy? Perhaps! Check out http://tinyurl.com/financialfun-ds for a little fun. Let me know if you found this easy.

Sugar Honey Iced Tea on Resolutions!

2010-01-06T17:48:00.000-05:00

Let's set SMART goals to make 2010 our best year. Making Resolutions each year often means that it is okay to forget them so forget about it this year! This year, set effective goals and make them Specific, Measurable, Attainable, Realistic, and Timely. Your goals need to be relevant to your journey in life as well as those who depend on you. Sometimes our goals are about adopting new improved habits and changing our thoughts and our talk - I can't leave out changing our walk or where we walk.

I recently spoke with a guy who was laid off for 11 months. Why do we call it laid off? He was starting a business but was stuck in laid-off mentality, still searching for a job but sometimes saying that he was starting a business. How would you feel if your car was stuck in start-up? You sure would not get far.

Thanks for visiting. I wish you a fantastic year. I would like to share a short term as well as a long term goal with you.

Short Term - I will provide training for Tax Preparers who currently have no certifications or licenses by December 10, 2010 because I am so glad that the IRS and State of Maryland are currently making an effort to regulate income tax professionals. I am already licensed by the Department of Treasury as a workshop sponsor.

Long Term (more than one year) - I will publish my second book by January 15, 2011.

I have now put the above goals out there so a lot of steps go with them. What are your goals for 2010? Be honest about what you want and what you can and will do. Also I invite you to join me on January 16th to set and share your 2010 goals at my annual open house. Please register at www.TaxDivashouse.eventbrite.com.

50 Days to Grow Your Business

2009-11-07T22:45:00.000-05:00

Visit www.50days.eventbrite.com and register for an event that promises to improve your business this year and prepare you for your best year yet (2010).

What are some things that you have put off that may be beneficial to the growth of your business?

Eights Steps to a Legitimate Business

2009-10-06T23:38:00.000-04:00

According to some business experts, a recession is actually a great time to start a business. Sure, credit is tight and obtaining funding may be harder. But for many entrepreneurs with a dream, startup capital requirements are minimal, and other elements of the economic outlook are very favorable. So if you have a great business idea, get started with the following steps to making your dreams a reality!

Come up with a great name and register it at http://www.dat.state.md.us/.
Check licensing requirements at the local Clerk of the Circuit Court and http://www.blis.state.md.us/.
Verify your tax responsibilities for the business at http://www.marylandtaxes.com/.
Complete a business planning and tax planning course at http://www.taxdivas.com/.
Obtain an Employer Identification Number at http://www.irs.gov/.
Open a business checking account.
Order business cards.
Tell everyone about your services: in person, email, attend networking events and via social networking sites.

Bonus – Join us for Be Your Own Boss! on October 8, 2009 – Free registration at http://www.theboss.eventbrite.com/. You can be a winner in a friendly game of Business Treasure Hunting.

Tell us about your business and your plans for success.

Who Moved Your Cheese? It's time to milk your own cow!

2009-09-13T16:02:00.000-04:00

Now May Be a Great Time to Start a Business

If You are Ready - The fear is part of the process...

If this economy has taught you anything.. you should know that you can only depend on yourself and that all smart people have at least two strong sources of revenue. The super smart (those untouched by the economy) have a least four sources. What are your sources?

Today more than ever may be a great time to start a business despite the economic downturn. In fact, current market conditions have created unique opportunities for those thinking about new business start-ups. For example, while home sales are down, there may be more of a need for services such as home improvement and interior decorating in order to increase the home's saleability.

Downsizing and layoffs has led to the availability of talented professionals who find themselves suddenly out of work. This presents an outstanding opportunity for these workers to realize their entrepreneurial dreams.

On the flip side, even if you are blessed to be gainfully employed, now is a great time to consider starting a part-time business to supplement your full-time income and help you save even more for a rainy day.Having the tenacity, commitment and drive to develop a successful business can lead to more control over your long-term financial security and prosperity and your destiny.

Get Started Today!!! Join us for an upcoming event.

What scares you about starting a business?

2009-08-25T00:10:00.000-04:00

BE YOUR OWN BOSS!

Does becoming your own boss sound especially tempting now, with jobs less secure and benefits being cut? Going against the tide and starting your own business in a recession not only lets you escape from the corporate grind, but it also can be easier than it would be during boom times. Here are five reasons to consider going solo now:

1. It enables you to have another stream of income and security in case of a layoff or reduction in work hours.
2. You set your own income and control how much you can earn.
3. The cost of failure right now to start a company or start something entrepreneurial is very low.
4. It is easier to find and build strategic partnerships. Remember Facebook and LinkedIn were started during the “dot.com depression”!
5. It is gratifying and provides job protection amid uncertainty.

REGISTER TODAY FOR THE RESOURCES AND GUIDANCE THAT YOU NEED!

Back to School - 50+ Ways To Energize Your Business (Speed Dating – Social Networking?) Networking Event
When: Thursday, September 17, 2009 from 6:30 PM - 8:30 PM
Where: Community Action Partnership; 251 West Street, Annapolis, MD 21404Early Bird Investment: $15
Pay only $10.00 today (enter summer as the coupon code)
Register at www.constantcontact4.eventbrite.com

The 18-Hour Strategic
Business Plan Course (6 Sessions)
When: Thursdays, October 1 – November 5, 2009 from 6:30 PM - 9:00 PM
Where: Strategic Economic Solutions, LLC
929 West Street, Suite 208C, Annapolis, MD 21401
Investment: Register by September 24 for the complete course and pay only $150.00.
Registration Fee after September 24 will be $195.
Register at www.sbplan3.eventbrite.com
Pay only $150.00 today and receive a free business tool

18-hour Planners - Plan Pitfalls

2009-07-20T00:48:00.000-04:00

Greetings Planners,

Here are a few pitfalls to avoid when writing an effective 18-hour Strategic business plan.
· Leaving out values and vision: These can be powerful tools to inspire and motivate everyone involved with your company.
· Misreading your customers: Do the research necessary to understand what your customers want or need.
· Underestimating your competition: To stay ahead of the pack, you have to keep abreast of what your competitors are doing.
· Ignoring your own strengths: Effective business plans leverage the key strengths of the company and its staff.
· Overlooking your weaknesses: Failing to recognize and seek assistance for areas in your business that can derail your success.
· Failing to organize around the plan: To be useful, a business plan must act as a blueprint for how to manage and operate your company and be referenced often!
Source: Business Plan Kit for Dummies

Important Note: Please bring your business plan on July 24th so I can review and provide guidance if needed. Keep up the great work; you will see rewards!

18-hour Planners - Marketing Tools

2009-07-20T00:39:00.000-04:00

Greetings Planners,

Great class this past Thursday! I am excited by your enthusiasm and encouragement of one another. Here are some often overlooked basic marketing tools that I hope you find beneficial when developing your marketing plan. The list goes on; feel free to add your favorites. Don’t underestimate the value of free tools such as social networking.

I also want to remind each of you to please register for the “Be Your Own Boss (BYOB)” free networking event on Monday, July 20th at http://www.byob2.eventbrite.com/. Come prepared to take that professional photo to accompany your Bio and/or to network. Enjoy your week and I look forward to seeing you soon.

Please note: Class will be held at Anne Arundel Economic Development Corporation, 2660 Riva Road, Suite 200, Annapolis, MD 21401-7305 on the 23rd. make sure that your partners know. Thanks. Thursday's class will be very helpful to getting the plan completed.

1. Traditional Business Cards
2. Written Brochures
3. Using Commercial Mailing Lists
4. Credit Card Sales
5. Banners and Signs
6. Saying Thank You
7. Design Your Own Calendar
8. Sponsor a Contest
9. Sponsor an Event
10. Donate Products or Services to Charity Auctions
11. Write Articles, A Column or Produce Newsletters
12. Send Your Newsletters to the Media
13. Join Your Chamber of Commerce, Service Organizations and Trade Associations
14. Sit on the Boards of Organizations and Associations
15. Take Them Out for Lunch
16. Volunteer
17. Teach a Class
18. Trade Shows
19. Get Testimonials
20. Community Involvement
21. Multicultural Marketing
22. 800 and 900 Phone Numbers
23. Bulletin Board Marketing
24. Coupons
25. Door Hangers
26. Send a Media Release
27. Host Your Own Radio Show
28. Be a Guest on TV and Radio Talk Shows
29. Write Letters to the Editor
30. Joint Venturing / Partnerships
Source: 101 Ways to Promote Yourself, Raleigh Pinskey

Link to upcoming events:
http://www.eventbrite.com/rss/user_list_events/105035135

18-hour Planners

2009-06-30T07:36:00.000-04:00

Greetings Planners,

It was great seeing you all on Thursday. I hope that you will make some time to look over your homework and at least locate your NAICS at www.census.gov and use www.referenceusa.com (free through your public library), www.askusnow.info,www.dol.gov, or www.fedstats.gov to find out information about your industry to bring to class on Thursday. Also Google your competitors and check out their service/product offerings, Mission, and Vision statements.

Please post information about your business and your idea client on the Blog for the group. We have only 12 hours to go so stay committed to your plan. Assistance is mandatory to complete the plan in 18 hours so please plan accordingly. Feel free to bring your laptop to class.

Starting Thursday, we will be assisting (market research and business development session) a business owner at each class so feel free to volunteer for a Thursday and bring marketing collateral and samples.

Bring a calculator on Thursday because we will be crunching the numbers. Have a great week.

Shelia

Please visit www.byob2.eventbrite.com and register if you are available for networking.

Getting Cients Now and Later! WEB Group

2009-06-30T07:30:00.000-04:00

Greetings Prosper Partners,

I hope that you all are finding success with the Getting Clients Now and Later Program. It only works if you work it. I have scheduled a final meeting for July 7th at WEB from 1:00 – 2:30 pm (bring a bag lunch) to help make the next program better for you. Let’s start a new program on Monday the 6th and then when we meet we can discuss and perfect it.

Please send a comment to the Blog at www.workthatplan.blogspot.com regarding any business needs or concerns that the group may be able to assist you with on Tuesday. Please sign up at www.gcn707.eventbrite.com so that I may plan accordingly. If you are unable to attend, please make plans to get with your boardroom buddies. Special thanks to the participants who posted to the Blog.

Everyone present should be prepared to provide three marketing/business development tips to the group. Feel free to stay at WEB and work on your business that day or arrive early and complete your 28 day worksheet. I look forward to seeing you all.

Congratulations to the recent WEB graduates.

Save the date, June 20, 2009; Be Your Own Boss Networking event. Free registration at www.byob2.eventbrite.com.

Take care. Shelia

Confidence, commitment, and cash flow go hand in hand.

Getting Clients Now and Later!

2009-05-13T21:43:00.000-04:00

Greetings Prosper Partners,

I hope that you found the class helpful and plan to finish the journey. Our 28-days are from May 18th - June 12th. Mark Twain said "We must achieve what we can conceive and believe. " What are your beliefs about your business and abilities. I am excited about the next 30-days. Get busy and get business!

Please sign in to the post and share your 10-second introduction and email address. Also, let us know what type of client you are looking for as well as about any successes or challenges with your efforts. Stay positive and keep moving. Please check the blog at least once weekly.

Shelia

Now Is A Great Time to Start a Business

2008-10-04T14:56:00.000-04:00

Today more than ever may be a great time to start a business despite the economic downturn. In fact, current market conditions have created unique opportunities for those thinking about new business start-ups. For example, while home sales are down, there may be more of a need for services such as home improvement and interior decorating in order to increase the home's salability.

Downsizing and layoffs has led to the availability of talented professionals who find themselves suddenly out of work. This presents an outstanding opportunity for these workers to realize their entrepreneurial dreams. On the flip side, even if you are blessed to be gainfully employed, now is a great time to consider starting a part-time business to supplement your full-time income and help you save even more for a rainy day.

Having the tenacity, commitment and drive to develop a successful business can lead to more control over your long-term financial security and prosperity and your destiny. Get Started Today!!!

Why is a business plan important?

2008-09-02T16:57:00.000-04:00

Many people long for the American dream of financial independence and business ownership. One of the first steps to the achievement of any goal is a well thought out plan. To start a business you definitely need a road map to make the journey more effective. With the economy and world changing everyday; a business plan helps to anticipate the effects of many of these changes. Have you ever written a business plan? If not, what is holding you back?