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Benefits & pitfalls of Social Media in the workplace is a post from: Home Wealth Project
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How home business owners can avoid the pitfalls of social media marketing – by Natalia Jones is a post from: Home Wealth Project
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ATTRACTION MARKETING -THE PITFALLS TO AVOID is a post from: Home Wealth Project
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Business.gov, which has long operated as the government’s official website for small business, not only brings together resources from across government to help small businesses start-up, operate and grow, it also operates an online Community (with more than 8,000 members) that enables business owners to interact directly with government and industry professionals, while sharing information about starting and running a successful business with each other!

The Community provides a forum for you to connect with other business owners for advice, camaraderie, and even potential partnerships.

Each month we hope to bring you a round-up of what small business owners are talking about in the Community, what our experts have to say, and answers to common questions.  We’re kicking off this month with tax season tips and resources!

Tax Season is Here – Get Answers to Common Small Business Tax Questions

No one says that doing your taxes is easy, but a little preparation and planning can make the process less painful. Here are some essential resources and tips from the Business.gov community of small business experts to help you get your arms around your business tax preparation and avoid common pitfalls.

New Tax Laws for the 2009 Filing Season

As you prepare to file your small business tax return, you’ll need to be aware of several new tax laws that went into effect in 2009. Read “Before you File your 2009 Tax Return – Take Note of Major Tax Changes that Apply this Year!”.

Business Income Tax Filing Tips

Small business owners have many questions about filing taxes, but here are answers that address some of the more common areas of confusion:

• A Primer in Taxable Business Income – When filing your business income taxes, you must report all income – not just income from the sale of goods, services, or property. Check out this easy-to-read guide on what is taxable income and what is not.
• Cash vs. Accrual Accounting for Taxable Income and Expenses – Are you filing your taxes and are confused about how to record your business income and expenses? Read on to learn which cash vs. accrual accounting method can work better for your small business.
• An Intro to LLC Tax Law – Whether you are newly registered LLC or have been established for some time, this 101 in LLC Tax Law can help you navigate the constantly changing tax laws that apply to your business structure.

Tax Deductions and Expenses

Tax deductions are tricky to navigate and the laws that govern them are often misinterpreted. Get the facts with these quick reference articles:

• Home-Based Business Deductions – Run your business out of your home? 52 percent of small business owners do.  Read “Do you Run Your Business Out of Your Home? You May Qualify for a Tax Deduction” to get the lowdown on whether you qualify for this deduction. And get tips on how to file for this deduction in “How to Claim the Tax Deduction for Business Use of Your Home”.
• Personal Vehicle Deductions – Another important deduction to understand is how to claim a deduction for business-related use of your personal vehicle. Read “Using Your Personal Vehicle for Business Purposes – Tax Deductions, Insurance and the Like!” to help you understand how the deduction works.
• Charitable Donations – The IRS enforces strict tax laws around charitable giving, read “Charitable Giving and the Tax Benefits for Small Businesses” to understand what you can and can’t deduct.

Avoiding Tax Audits

When Avoiding a Tax Audit – the Best Offense is a Good Defense – Though fewer than 1% of taxpayers are selected for a tax audit, business filings that report year-after-year losses, large charitable contributions, or claim large tax deductions may raise red flags for the IRS. Here is some guidance to file your tax return in a way that minimizes your chances of getting audited.

Additional Resources

Visit the Small Business Tax Center on Business.gov. This one-stop shop portal helps business owners stay abreast of tax requirements, tax changes and a whole range of tax tips to help you prepare for the year ahead.

If you have tax questions or tips you want to share with other small business owners, post them on the Business.gov Filing and Paying Taxes Discussion Board.

From Small Business Trends

Introducing “Business.gov Insights”: Tax Season Preparedness; Tips for Avoiding Filing Pitfalls

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Introducing “Business.gov Insights”: Tax Season Preparedness; Tips for Avoiding Filing Pitfalls is a post from: Home Wealth Project
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SOCIAL MEDIA STRATEGY: practical guide for marketers | Steve Latham is a post from: Home Wealth Project
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There are also few pitfalls that you need to watch for. If you have the above mentioned five qualities that are needed for a successful business, you will then only need to avoid these pitfalls and the success will be there waiting for you. These pitfalls are as follows:

1. You should not wait for someone to come to you and teach you step by step how to start the business. All you need is an opportunity and you should grab it. There are plenty of opportunities so all you need is action. Take action, start your business immediately and you will learn with time. Remember that time and experiences are the best teachers. If you can find someone on the way to help you or guide you, there is no harm in listening to him though.

2. Finding the right niche is very important. You need to find a niche which is not that active. That means that there is no serious competition in that niche. If you select a niche which has tense competition in it, it would become difficult for you to grow from scrap. Remember that there are always unexplored arenas and all you need is to find one of them.

3. Don’t be the routine package. Be different and offer something unique to your customers. Being a routine package won’t help you much.

4. Remember that those who are afraid of risks never succeed. You should not fear the failure and should be prepared to meet it bravely. Learn from your mistakes and be critical of yourself. This will help you to learn a lot and you will learn quickly.

5. Take it to the end. Never give in. when you start a project, then finish it. Being afraid and giving it up is not what you want. Finishing a project will help you a lot in future even if the project is a failure. There may be situations when you will lose faith in your own dreams and you will start thinking about other ventures, but do not quit the on going project. Take it to its ration end.

Five Tips to Run a Home Business Successfully is a post from: Home Wealth Project
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