Small Business: Tread with care when claiming home office deductions
The News Review:
- Small Business: Tread with care when claiming home office deductions
- New magazine to be unveiled.
- South Main project begins to pay off
- No longer home alone: health.
- Allianz EasyFees – Planning – Money – Business – Home – theage.com.au
Small Business: Tread with care when claiming home office deductions
Pittsburgh Post-Gazette – Pittsburgh Post Gazette – Jan 31, 2007
Accountants say the good news is that the deduction which used to be considered a fast way to an audit by the IRS doesn’t raise red flags with the government as it did in the past. Still business owners often make mistakes trying to claim the deduction that can grab the attention of the tax authorities — something every taxpayer wants to avoid. Stephen Fishman an attorney and author of “Home Business Tax Deductions” said a common error company owners make is to try to deduct space in their homes that has both business and personal uses. That won’t fly with the IRS. “You have to use the space in your home exclusively for business” Mr. An office with PCs and a fax machine isn’t the only way to take advantage of the deduction for using your home for business… Chazen suggests that now as you’re preparing your 2006 tax return isn’t the time to be thinking about the home business deduction for last year. If your business space didn’t already meet the requirements for the deduction you can’t shoehorn it in after the fact. You can however start working now so you can claim the deduction for the 2007 tax year. First published on January 31 2007 at 12:00 amCopyright document. All rights reserved.
New magazine to be unveiled.
Free with registration – Lancaster New Era – AccessMyLibrary.com – Jan 31, 2007
–>CPYRIGHT 2007 Lancaster New Era Jan. 31–A new magazine for entrepreneurial work-at-home women will be unveiled in February by Elizabethtown-based Cutting Edge Media. “From Home” will be geared to “women who want to blend their work and personal lives with a home business” said editor-in-chief Bridey rth. The bi-monthly magazine will feature articles on. CPYRIGHT 2007 Lancaster New Era.
South Main project begins to pay off
Mountain Mail Newspaper – Jan 31, 2007
It’s a really exciting time. “Expectations remain high along Main Street where businesses struggle during the eight-month offseason. The infusion of families and professionals – many of the work-at-home variety – is expected to help stabilize businesses on a year-round basis. “Main Street now in the shoulder season is pretty slow” Richmond said. “(South Main) will aid a lot of existing businesses and help with new businesses. With a community down there it will draw a lot more people down Main Street… At buildout the development will have 370 homes. Currently about 70 percent of the owners plan to live in Buena Vista full time and the developers are marketing the project as a neighborhood in hopes of attracting young families. That means more potential customers for Main Street business owner Dennis Adamek. He runs Sweet Shot a kid-friendly candy and gaming business. Adamek remains skeptical but hopeful the development can infuse economic life to the downtown area. “If it works out the way they think it will I’m excited and I hope it does” Adamek said. “It’s Bueny” he added using the local slang for Buena Vista.
No longer home alone: health.
Free with registration – Houston Chronicle – AccessMyLibrary.com – Jan 31, 2007
31–Hoilday gatherings can be an eye-opening time for some people with elderly parents who only visit them sporadically throughout the year. They may see dirty dishes piled in the sink unpaid bills stacked on the counter or an overgrown yard. For people in the senior home-care business these telling details bring many potential customers through the door in January. “We see a nice spike of business in the first quarter of the year when families are coming to town and they are truly getting the picture of what’s going on” said David Patrick executive director of Cameo Caregivers one of the oldest home-care providers in Houston. Patrick said his agency is “in a growth mode” and plans to hire about 100 employees this year. ther local businesses in the senior care industry.
Allianz EasyFees – Planning – Money – Business – Home – theage.com.au
The Age – Jan 31, 2007
If a school gives a discount for upfront payments the EasyFeesloan enables parents to take advantage of the savings. Allianzmaintains EasyFees is cheaper compared to other borrowing optionssuch as an unsecured personal loan or a credit card (seetable). “EasyFees may be a smarter option than using a credit card orhome loan facility” says Nicholas Schofield Allianz generalmanager of corporate affairs. He cites the example of paying schoolfees of $8000 with a credit card charging 16 per cent a year (2. 5per cent a month). Even if you make repayments at five times theminimum monthly amount on this sum it will take you four years topay it off completely. Denis rrock general manager of research firm Infochoicesays: “Any parent who uses a home loan or credit card and only paysback the minimum should perhaps be going back to schoolthemselves!”What it costs If you pay the loan with a creditcard Allianz charges you the merchant fees (1… “I would say that for a once-off cash-flow crunchthis could be better than other options. You should also check the flexibility of the repayment scheduleshe says. “If you’re going back to work or coming into aninheritance or getting a bonus and you want to pay it off earlycheck if the product has the flexibility of a credit card for quickrepayment. Schofield says EasyFees has this: “Parents can repay the loanearly hence saving interest and there are no additional fees orcharges for early repayment. Cons Compared with other methods such asmortgage redraws competitive personal loans or even low-ratecredit cards EasyFees can cost more. “It would pay to look aroundif you were prepared to put in the extra effort to save money”Sexton says. Where it fits in It’s one of a raft of productsaimed at helping parents bear the burden of their kids’ education;it’s a loan and not an education savings plan or investment fundboth of which require long-term saving and planning.
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