What could be more perfect than having your business right in the comfort of your own home? It certainly solves major problems for those with transportation or child-care issues, keeping up house repair and cleaning issues, as well as making it oh so easy to do a tad bit more work while the kiddies are sleeping soundly! It also saves big-time on overhead costs and just saves money in general! But as we all know, there is good and bad that comes along with everything. It also creates a bit of a confused mess when kids want to “see how Mommy’s computer works” or make “paper dolls” out of your most urgent business proposal! It also sends a “signal” to hubby and friends, who take advantage of you being at home to think its okay to pop in just a BIT too often! Your home business can turn into a home-bred NIGHTMARE if you cannot keep business and home issues separate!
Uncle Sam Wants You to ‘Divide’ Business from Pleasure
If you crave success and want to please the tax man you MUST keep detailed records than would normally be necessary. If you are going to claim it expense deductions, you must divide those from your home expenditures! This means you must literally and intricately divide items for business and home in DETAIL! Nothing can be “Home AND Business”. You must have a totally separate room or space for business, and you must divide the square feet of your home into the square feet of your work space. Can’t Remember? See the I.R.S website for guidance!
If you are “financially challenged” and trying to keep up work, home and kids, then a Home Business is the “Great Wizard’s Answer”! But you will have to use dedication to satisfy I.R.S requirements!
