Questions to Ask Yourself When Starting a New Home Business

Written by Topher John

I loverepparttar excitement of starting up a new home based business. I enjoy trying out new ideas and approaches withrepparttar 149701 new venture. I dreamrepparttar 149702 big dreams and hope to obtain some of them (if not all of them). I am sure you have those same feelings as well. Organization is imperative when starting any business. Some say that a well funded business hasrepparttar 149703 best chance to sustain losses until it’s profitable. However, if you are on a shoe string budget like me, money management isrepparttar 149704 key.

The place you need to start with your home business is withrepparttar 149705 pen and paper or word processing software and a PC. One thing I learned about starting businesses is there are so many variables involved it is not possible to “keep it simple” if you try to runrepparttar 149706 entire business without some type of plan. Not knowing or not being able to prioritize your needs with your business can result in bad money management and eventually failure.

Writing down what your business is about helps put your business into perspective and helps you define your immediate needs and hold off on spending on items you don’t need right away. Most recommend you write a business plan. You can buy software to write a plan and go through a set of questions to write one. You could always research how to write a business plan online.

Whether you use software or not to write a business plan you could always ask yourselfrepparttar 149707 basic questions. Getting torepparttar 149708 basics means a lot to me. It provides a foundation to your ever evolving business plan.

If you are starting your own home business, try asking yourself these questions. They may help you inrepparttar 149709 same manner as they help me:

1. What is your business name?

2. Is your business registered as a “Doing Business As” (DBA) or Corporation? – This is very important for tax purposes and banking.

2. Explain what you business does in one short paragraph. – Describing your business in a few sentences helps definerepparttar 149710 main focus of your business.

3. What products does your business sell? – List any product your business is selling and any variations of its availability.

Correspondence From The IRS – Yikes!

Written by Richard A. Chapo

It’s a moment every person dreads. You pick uprepparttar mail and there is an envelope fromrepparttar 149652 IRS. It’s not a refund check. What do you do?

Don’t Panic

Each year,repparttar 149653 IRS sends out millions of “correspondence audits” to taxpayers to request payment of taxes, notify them of a change to their account or request additional information. These audits normally cover a very specific issue, often notifying you of additional small amounts of income for which you owe tax. Each letter and notice provides specific instructions explaining what you should do if action is necessary to satisfyrepparttar 149654 inquiry.

Most correspondence can be handled without calling or visitingrepparttar 149655 IRS. You simply followrepparttar 149656 instructions inrepparttar 149657 letter andrepparttar 149658 matter is put to rest. Alternatively, you can contactrepparttar 149659 IRS to contestrepparttar 149660 matter. Simply callrepparttar 149661 telephone number indicated onrepparttar 149662 letter or write an explanation as to why you disagree. Make sure to include copies of any supporting documentation you want considered byrepparttar 149663 IRS. Typically, it will takerepparttar 149664 IRS between one and two months to respond. Duringrepparttar 149665 first quarter ofrepparttar 149666 year, it can take two to three months.

Sometimes,repparttar 149667 IRS sends a second letter or notice requesting additional information or providing additional information to you. Be sure to keep copies of any correspondence with your records. The IRS has been known to lose track of actions involving a taxpayer’s account.

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