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Work from home careers provide many benefits to people who can make them work. The list of things to do to make a work from home career can be endless. Everything from deciding on the name of your business, to getting registered with the tax office, to building your online presence. All of these an many more tasks can overwhelm you as you begin your new career.
One of the most important of these tasks is to maintain accurate book keeping for your business. You will need these accurate records when it comes time to pay your federal income taxes. Now there have certainly been people who have made incomes through work from home businesses and not paid their taxes fairly. This is unethical and wrong. You need to start your company off right by paying whatever taxes you owe.
The first element of good bookkeeping is to track your business expenses. These records can be kept in a spreadsheet program on your computer. You must keep every receipt that you intend to claim as an expense for your business. Simply create a file that you keep all your receipts in and you will never have to worry about keeping up with these expenditures.
One other word on expenses. You can track every expense you have. If you buy a new computer, a ream of paper, or a new office chair, make sure you track these items. You can also expense any travel expenses you have. We will discuss these expenses later in the article. You can also use any meal that you spend discussing your business as an expense item.
The 2nd part of standard record keeping is to keep up with any sources of revenue you have. Once more this will also be stored in a spreadsheet on your computer. This source of revenue must be tracked as you are going to be requested to declare it on your taxes. This gross source of revenue will be offset by means of any expenses.
Another crucial item you will need to keep good records on is your mileage driven for your work from home career. If you drive to buy some office supplies then make sure you track the beginning odometer reading and then the ending reading. This mileage will be used as another expense item in your taxes if you have accurate records to show for it.
You may even wish to track any shoppers that you have. The lifeblood of your new profession is customers. You need to get them to buy no matter what you might be selling and then you need to keep them returning for more product. You cannot have enough money to permit your customers to slip through the cracks. They want to know you're there for them through all the sales process.
Ultimately, you will want to keep good records of your business so that you can know if you are succeeding or not. Certainly you will want this information for tax season but you also need to evaluate your business from its income and expenses level. These records also become important when you are trying to determine how much an item costs including the actual costs of the materials, the mileage to get the materials, and any miscellaneous costs of making the product.
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