A home based business can be a viable option for anyone to earn a full-time income or just to have some extra on the side. This is because there are a lot of home business types that can match almost anyone’s skills, talents and interests which can be turned into money-making products and services and business ventures. Whatever skills or knowledge you now possess, be it from your studies or developed through your work experience can be your competitive advantage which could generate you earnings and profits as you live the dream of working from home!Your home based business opportunity depends on what you are most into. One of the most common online business opportunities found online are for marketing products. There are a lot of companies that offer membership and sales opportunities which earn income from sales commissions or from recruiting new members. All you need to do is sign up and pay a certain amount of investment for membership and some products to sell and the right to sign up other members. You can promote and sell these products through a website which may also be provided for you. If you have a penchant for sales and marketing, and possess natural people and social skills, this type of business may be right for you. It’s best that you are most comfortable in dealing with people to maximize the earning potential for this particular business type.You can also set up an online shop that will turn your technical expertise into sellable products. If you are an IT professional, you can offer web page design services, create application software or create a members-only website, such as game and entertainment sites, for example. You can charge a membership fee for a username and password for exclusive access to your site’s contents. You can promote your home based business with a website of your own, and can deliver your IT products via email or through downloads. Either way, this virtually eliminates the need for physical efforts to deliver your wares, receiving payments and other transactions. Other technical skills in demand online are technical plans, financial record keeping and legal advice, just to name a few.People on the creative side can have a good home based business opportunity as well. There is a good demand for freelance graphic artists, advertisers and other creative services providers. One of the most common work-from-home opportunities calling for creative skill is online writing. If you are most skilled in languages, grammar and have a good way with words, an online writing gig could earn you lots from just by working in front of your computer and doing research. There are a lot of websites offering full or part-time writing jobs to be used as contents for the millions of websites born every day. All you need is a computer, internet access and to apply for the writing job. You can choose projects and have flexible time schedules so you can write and earn even during your free time.Any type of skill, any talent you may have and any time you spend can be a money making opportunity for you. Harness these skills and get the right methods to sell and promote them and succeed in competing in a dynamic online business environment. What you have now are your primary tools. Realize their income potentials and let them be your key to a better and a freer lifestyle by sharing it to the world with an online home based business.
Teens Can Make Easy Money by Starting a Home Based Business
Do you believe that even the teens can make easy money by starting a home based business? What is the best home based business for a teen? Most importantly, the teens could have fun while exploring this home based business idea. They will have fun while making money.This peculiar business model is “Internet Marketing via Affiliate Program”. Internet Marketing is a form of marketing of products or services by using online means through the internet. Affiliate program is a program where you could make commissions from promoting the merchants’ products or services through the internet. You could get all the products from the affiliate networks and you may promote as many products as you wish.Now you tell me, which teen does not have a computer nowadays? It is impossible for a teen to live without having an internet connection. Most of the teens are exposed to the World Wide Web. It is pretty easy for a teen explore this. Internet Marketing via affiliate program is the easiest and quickest way to make money online. This is one of the popular online businesses models for beginner internet marketers.A teens could start a home based business of Internet Marketing via Affiliate Program and start earning easy money online. With the present online opportunities, a teen could start his online home based business within weeks or even days and start to earn easy money online. They just need to enjoy posting on their blogs and write something they love and have fun while enjoying the journey of making easy money online.By leveraging on the present online opportunities, for example, blogging, affiliate networks, article marketing, etc, a teen does not need to invest a single cent to start the home based business. If it fails, the teen could easily start a brand new online business again at anytime and anywhere. Now, you should be able to see why a teen should venture into internet marketing via affiliate program and start earning easy money online.
Tax Time: Tax Reporting Requirements for Property Managers
The beginning of each calendar year is a very busy time for many businesses, and Property Managers are not left out of that category! Whether you are a large Property Management Company or an individual Property Manager, this is the time when all tax forms should be issued for funds paid out to Rental Property Owners or Vendors during the previous calendar year. The form that is used to complete this task is the 1099-MISC, and this form must be submitted to the recipient and the IRS by a specified date each year. When 1099s are submitted to the IRS, they must be accompanied by a summary form, Form 1096, to meet the tax filing requirements.
- Why is the 1099-MISC necessary?
The IRS uses 1099s to monitor any income source that is not filed on a traditional W-2 form, which only shows income received as a salary or wage. This is a way in which the IRS captures any income received by an independent contractor or rental property owner that may otherwise go unreported. A Property Manager or Property Management Company is acting as a reliable source for the IRS to help enforce that all income is being reported.
- Who should receive a 1099-MISC?
• Rental Property Owners – all rental property owners that have received $600 or more in rent disbursements in a given calendar year should be issued a 1099-MISC.
• Vendors – all independent contractors or vendors who are unincorporated and have received $600 or more in a given calendar year for services provided should be issued a 1099-MISC.
- When does a 1099-MISC NOT need to be filed?
Every situation has exceptions, and tax filing and reporting is no different. Here are some of those exceptions:
• If the total payments to a rental property owner or vendor are less than $600, a 1099-MISC does not need to be filed.
• If a rental property owner is a corporation, a 1099-MISC does not need to be filed.
• If a vendor is an incorporated business, a 1099-MISC does not need to be filed.
- What information is required on a 1099-MISC?
• Tax ID # – this can be an individual’s SSN or an EIN for an unincorporated organization.
• Address – this is needed for the 1099-MISC to be sent to the recipient.
• Funds Paid – this includes a total of all income paid to a vendor or individual rental property owner during the previous calendar year. (Remember, only if the total is greater than $600)
- What boxes are used on a 1099-MISC to report income?
• Rental Property Owners – all income collected that was for rent should be reported in box 1 “Rents” on the 1099-MISC. Any additional income paid (late fees, utility bill reimbursements, NTQ fees, etc.) should be reported in box 3 “Other Income” on the 1099-MISC.
• Vendors – all payments made for vendor services should be reported in box 7 “Non-employee Compensation” on the 1099-MISC.
It is also good practice to send all rental property owners a copy of their financials for the previous calendar year so they can see where the amounts in each box on the 1099-MISC were derived from.
Not filing 1099s when required can lead to penalties and fines by the IRS, so it is very important to keep accurate records of amounts paid to each vendor and rental property owner and request any necessary forms that you may need to file the tax forms to be compliant in this process.