Why start a home internet business? People start businesses for various reasons. Many times when people think of starting a business, their mind easily focuses on ideas of doing conventional businesses. Not many people have known how profitable online businesses are. Through this, I would like to point out some of the reasons as to why you should start a home internet business.1. Make moneyThe major reason for starting a home internet business is to make money. The internet has opened great opportunities to many people to make money. In fact, the richest men in the world have made their fortune from the computer and the internet. Luckily, home internet businesses do not require much in terms of investment. Just having a computer, internet access and products to sell are enough to start your online business.2. Enjoy your hobbyAre you friends with the computer and the internet? If so then a home internet business is the best business for you. Although making money is the prime reason for starting a business, you can best benefit from it if you are passionate about it? Passion is the fuel to success in home internet businesses.3. Keep yourself busy after retrenchment or retirement from active service.Most people start home internet businesses to prepare themselves for retirement or retrenchment. If you are currently employed with a good salary but you are worried of retirement or being retrenched unexpectedly, the best advice for you is to start and grow slowly your business.4. Fulfilling your desire of working for yourself.Are you employed but dissatisfied with your current pay and the treatment you get at your work? Are you looking for financial freedom? Starting a home internet business will not only create a reliable opportunity for you to become self employed, but it will also enable you to create multiple streams of income. Remember that relying on one source of income is like putting all your eggs in one basket. When you fall, you lose all your eggs. Most successful online marketers had the same experiences, which forced them to start slowly their home internet businesses.5. Using savings accumulated over some years.Online business does not require much money to start. If you have saved some money and you are looking for where to invest it profitably, starting a home internet business is one of the most economic, profitable and convenient ways of investing your savings.6. Experiencing challenges in businesses.Are you looking forward to work or businesses that give you some challenges? Online businesses provide a lot of room for creativity. Yes, coming across challenges in life is healthy and enables many people to unlock their mind.7. Creating a job for yourself and other family members.Starting a home internet business can open great opportunities for you to create jobs for your family members just from your home with your computer and internet connection.8. Render better services and develop your community.Are you looking for jobs for the people in your community? The internet has great opportunities for all people of walks of life. You can start now your home internet business, develop it and finally use it to train and create jobs for other people in your community. For instance, you can create article writing jobs for the youth to write articles in different fields of their expertise, which you can buy and use them for your online marketing campaigns. You can only be limited by your own imagination.9. Practicing gained skills and knowledge.Are you skilled in anything related to online business such marketing and web designing? Are you looking forward to putting into practice your skills and knowledge? When you start a home internet business, you have high chances of succeeding. Prior knowledge is an advantage in business and it puts you ahead of others in business.10. Establishing online your conventional business.Do you already have a business like a salon, internet café, restaurant or something? Taking your business to another level by establishing it online is a very wise idea. Apart from selling only your products, you will widen your sources of income by selling online other affiliate products related to your home internet business niche.Lastly, the reasons for starting a home internet business are key determinants in the performance of your business. What’s your reason?
You have seen the commercials where business owners use expensive law firms to get their tax liability to the IRS reduced – upwards of 90%. One, in fact, owed the IRS some $3 million and settled for just over $100,000. Not bad if you find yourself in that situation and can afford to pay the attorneys to take care of this issues for you.A better way to avoid owing the IRS or having to pay lawyers to get your tax liability reduced is to not put yourself or your business in that situation in the first place.Thus, the business mentioned above could have saved both that $100,000 and their huge attorney fees.While I have no direct statistics, I can almost guarantee that for every one business owner that gets his tax liabilities reduces there are nine or more other firms that end up paying the full amount to the IRS (plus additional penalties and fees) as well as covering additional unnecessary legal expenses – most of which puts such a huge burden on the business that the company is force to shut down and the owners end up in bankruptcy court.But, all of this can be avoided very simply by understand the tax requirements of owning and operating a business or by hiring someone that does. Paying an employee who understands tax requirements and keeps up with the constant changes or hiring an outside firm to handle your day-to-day tax obligations is always much less expensive in the long-term than having the IRS come after you, your business and ultimately your personal assets.NOTE: It is usually not the amount that is owed to the IRS that hurts the business but all the interest and fees included in the IRS’s lawsuit – sometime more than 1,000% of the original amount owed.Each year the IRS puts out tax tips for new and existing businesses to help both you and the IRS avoid the costly task of auditing and fining businesses. These will be discussed here as well as a few of our own suggestions:First, according to the IRS, your type of business entity matters (not just for personal liability protection but for your tax liability as well). In fact; “you must decide what type of business entity you are going to establish (or change your business too). The type of business entity will determine which tax forms you have to file. The most common types of businesses are sole proprietorships, partnerships, corporations and S corporations.”Know that most LLC’s are considered partnerships in the eyes of the IRS and can be taxed as either a pass-through entity or as corporations.The key here is that there are different tax rates for each of these. Some, like partnerships and S corporations, pass-through their income and expenses to the business owners, partners, members, etc; who then pay taxes on their individual amounts. If your personal tax rate is lower than what an alternative corporate tax rate would be – then you might be better off filing for or changing your business to one of these forms of organization. Plus, with recent legislation targeting businesses – more tax issues will focus on the standard corporation as opposed to other forms of organization that are seen as smaller business entities.Further, unless your business is a corporation, there are other taxes that business owners might face such as income tax, self-employment tax, employment tax and excise tax.Just because you pay your personal taxes and include your business income on line 7 does not mean that you have covered your business’s tax liability. Keep in mind that each government organization from your local and state governments to the IRS wants a piece of what you make and will not hold back in collecting it.Additionally, the IRS also advocates and we agree whole heartedly, that; “Good records will help you ensure successful operation of your… (business). You may choose any recordkeeping system suited to your business that clearly shows your income and expenses. Except in a few cases, the law does not require any special kind of records. However, the business you are in affects the type of records you need to keep for federal tax purposes.”Some times the main issues is not something the business owner failed to do or even an attempt to defraud the IRS but that its management and financial systems failed to properly account for some taxable items.Moreover, not only can keeping good records help you avoid tax penalties and such but can be an invaluable tool in helping you run and grow your business. Wouldn’t you like to know the return on your business’s assets and if they are being deployed to provide you the greatest profit?Furthermore, all businesses, and persons for that matter, should file an annual return – regardless if you owe money or not. This keeps you and your business from coming up on “red flag’ lists for missing filings as well as creates a solid record of all your transactions – should you need them later. In addition to filing annually, each business should understand when it is required to pay certain taxes. Not all taxes are due on a yearly basis. In fact, some employment taxes and self-employment obligations are require to be paid quarterly or sooner depending on the amount owed from prior years.Lastly, avoid anyone (even tax professionals) that try to convince you that you can reduce or eliminate your tax obligations using so called ‘tax schemes.’ Most of these types of schemes are earnestly looked for by the IRS (and state tax authorities) in reviewing returns. Know this, if is seems too good to be true, it ALWAYS is! Much easier to pay your portion of taxes (even though none of us likes doing so) then trying to keep one step ahead of the revenuers.Paying taxes is never pleasant but it is necessary if you want to own and operate a business in the United States. Thus, instead of wasting energy on trying to avoid taxes altogether or scheming ways around them – which will only end up costing you and your business in the end (think about the 9 of every 10 businesses that don’t get relief from an IRS lawsuit or that tax attorneys win when you try to cheat and when you get caught) – and divert that energy into understanding the whys and whens you need to account for tax issues as you manage and grow your business. Much better to pay the IRS a small piece of what you earn now than end up with a shuttered business and no personal assets to show for it.
Off-the-shelf packaged software are built as ‘one-of-a-kind’ for every business sector taking in account the nature of their activities and overall preferences. Thus, when any business magnifies in size and its operations expand, the general software gets incapable of addressing its new and diversified needs. A variety of complicated tasks turns up in the business which may be so much disparate and segmented that the company can feel the need for either a custom software or multiple ready-made software for managing them. This being a principal reason to switch from off-the-shelf software packages to custom-made software, let’s delve further to get the detailed idea of businesses to fully embrace customised software solutions.Less complex pricingAny custom software is free from monthly subscription fees and other surcharges for maintaining the license, running updates and maintenance. Such a pricing scheme prevails for packaged software to let businesses adapt their processes to the software features, customisation, and other requirements. With customised software, businesses only need to pay for building the application and to add extra features or make modifications in case their processes undergo some changes.Personalised solutionBusinesses can never be sure whether a packaged off-the-shelf software is going to cater to all their requirements. However, developing a custom software specifically with assistance from an external software development service provider ensures that the solution will ultimately be a dependable one.Tight securityWhile there is no foolproof security of business data while using a packaged software as it is too easy to hack. Software hijackers or intruders are always well aware of the vulnerableness of packaged systems and hence can perceive how and where to compromise. This is for sure a vital reason for enterprises to replace the traditional software with custom ones which can be only operated by their own team. The likelihood of intrusion is almost eliminated as every functionality of the software are only known to its authentic users.All-in-all effective solutionUnlike an off-the-shelf software, a tailored application can be adapted and modified to the ever-evolving needs of the businesses. The commercial software cannot be manipulated and has fixed features, for which it is less effective. On the other hand, a bespoke and custom software application starts paying back great results in terms of effectiveness. Built to align with the work process of employees, it offers intuitive support and quicker responses in complex situations.Better backend supportSince a tailored software application is built for a particular business environment and its specifications, the development service providers certainly have a profound understanding of the business’s requirements. This results in better collaboration and provides an all-time partner to the companies to help them holistically through the software solution if any issue comes up.Key takeawayThe effectiveness of custom software applications are far more than ready-made programs, and they are perfectly viable for every expanding business settings. While most businesses in this technologically influenced era are seeking for full-fledged automation of processes, it is thus justified to move to the approach of custom software from the conventional packaged software.