How to Benefit from Making Money from Home
An accounting business offers many, many ways to benefit from making money from home. If you have room, you can open an office in your house for clients to come visit, or you can work virtually with an online business.
Whether you’re looking for a full-time job or simply want to be making supplemental income, a home-based accounting business may be the answer. Even better, having a home-based business – whether it’s your primary career or a second job – may create new tax deductions that can reduce your taxable income.
Here are five steps to make money from home:
1. Decide whether you’re going to work full time or as a second job. This can help you determine whether you’ll have clients visit you in your home office, go to their offices to meet or conduct your accounting business completely online.
2. Create a business plan. What are your goals for your first year in business? How will you market your services and get clients? How will you fund the business while you’re gaining clients? And how much income do you need to make to reach your goals?
3. Name your business. Will you be working under your own legal name or another business name? If it’s not your own name, you’ll need to file a fictitious business name statement with your county.
4. Check your county and city’s requirements for home-based businesses. Many counties and cities require a separate business license and will collect taxes on your revenues. Be sure you understand all the requirements and file the proper paperwork before you set up business to make money from home.
5. Set up a separate business bank account. As an accountant, this step seems obvious, but you would be surprised at how many people combine their personal and business finances. Also, in case of an IRS audit, you’ll have a record of business income and expenses to show.
Whether you need to create a second job to make supplemental income or you want to pursue a full-time career, making money from home as an accountant can be a very rewarding choice.
John Brown is a retired accountant and bookeeping business owner. To keep his bookkeeping business updated he often took bookkeeping courses. To learn more about how to make money from home as an accountant, visit UniversalAccounting.com!
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