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How a home business may protect you from the housing bubble

How a Home Business May Protect You From the Housing Bubble

Not everyone agrees there is a housing bubble which will have an impact on the entire economy, but how about one that has an impact on you? If your home was devalued, even temporarily, do you have the cash flow to sustain your credit or allow you to sell your home without getting into debt? In the US today, many people live in homes which have positioned them in a loosing financial situation. How can a home business improve your financial position and protect you from the potential effects of a housing bubble?

First, many people have W-2 income as their only source of income. While a job is certainly a great way to trade your time for a consistent flow of money, it also provides you with the fewest tax advantages which means you end up paying more to Uncle Sam than those who also run a home business on the side. For example, many CPAs and tax planning specialists can show you how to deduct part of your home expenses, your cell phone bill and even costs to maintain and operate your vehicle, legally, if you are able to document that you actively work on your home

business each day. This can turn expenses you are already paying for, into tax deductions. That’s money in your pocket! Money saved can be reinvested into growing your business or applied to paying off your mortgage more quickly.

Protect yourself and protect your hard earned home equity by improving your cash flow and avoid running close to the edge of the value of your home compared to the debt owed in your mortgage and any home equity loans. Be sure you consult with a tax professional and a CPA to properly plan the tax benefits you can receive from having a home business. Apply those savings to building your savings and also to paying down your mortgage as quickly as possible. The more equity to have in your home, the more insulated you are from possible effects of the housing bubble and also from the effects of personal and professional emergencies.

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There are suitable bookkeeping software solutions for businesses of all sizes. In today’s competitive environment, a business needs the accuracy and efficiency that this software introduces to its operation. Business owners can easily find bookkeeping software solutions that can be tailored for a business of practically any size. Once a bookkeeping software system is installed you’ll wonder how you every operated without the key tools it provides for your daily operations. Use your personal computer to perform many of the tedious, everyday tasks associated with your business. Tracking customers, performing inventory audits, billing, accounts payable and receivable and payroll are just a few of the routine tasks you can leave to this software. Your new software doesn’t make tax time a slam dunk, but it alleviates much of the pain. In the past few years, bookkeeping software has become much more user friendly, with interfaces simplified to a degree that training’s been reduced to days rather than weeks and months. Large and small operations should have little to fear in moving their bookkeeping to computers. Modern software makes it quick and nearly painless. Once the relative heavy-lifting of the transition is complete, maintenance of the fiscal aspects of your business will routinely require only a short period of the day; and your financial house will remain ship shape throughout the year. One of the features that all top-of-the-line software packages should offer is complete installation and operation documentation. Additionally, most of the software developers provide nearly 24/7 support by phone, email or online chat systems. Every popular computer platform and operating system is supported by bookkeeping software. Some even run on the increasingly popular Linux operating system. A business needs to take an orderly approach to selecting the bookkeeping software package that best suits their business and the accounting method they intend to use. One of your first steps is to decide what are your most important bookkeeping and financial needs. In some cases it might be inventory control, another operation might require extensive job tracking control, or strong accounts receivable tracking. An important software selection step is prioritizing the requirements of your business. A search for bookkeeping software on the Internet reveals a multitude of options. At the top there will be multiple links to well-known names as Quickbooks, Peachtree and Microsoft Money. All are first rate packages, but a business doesn’t necessarily need to limit their search to these monsters of the bookkeeping market. Be careful not to be blinded by all the attention the most popular software vendors get, also consider solutions from companies like Pastel Accounting Software, Sage Bookkeeping Software, Timberline Accounting Software, Accpac Accounting Software, and Lawson Accounting Software.You can Google these names for additional information.