Why, When, Where, What and Who can be an Entrepreneur

Why a home based business and should it be online. How to make money and how to recognize an opportunity.

One of the most important factors in starting out is to determine why you might want to make money online or have a home based business. I have found that most people beginning to get an education are very focused on the “what to do”. Even as children we are saying “when I grow up I want to be”. I have found over the course of my lifetime that “why you do anything” is a critical 1st step.

Before you decide what to do, determine why you are choosing a particular field. Are you interested in only making money? Are you pursuing a passion and don’t really care whether you make a lot of money or not. When a person is young and doesn’t have a family, maybe even still lives with their parents, then that person is sometimes disinterested in the amount of revenue available. That will change when there are car payments, mortgages, medical and dental bills, savings for college, insurance etc. So having said that, perhaps the more you can earn from invested time the better.

I suggest that you drive around different neighborhoods and decide how you want to live. What kind of car or cars do you want to drive? Do you want children or what kind of colleges do you want for the ones you already have? Do you want to travel to exotic places? Do both of you want to work? If you are a woman do you want to work after having children; do you mind if they go to baby sitters or daycare? We all have dreams and goals and want the finer things of life. So the 1st thing to do is identify why you are going to work and secondly what you are going to do. Write out a list of activities that might turn into a part time at home based business.

Why working at home might be an advantage.

A W-2 wage earner is someone who has the fewest tax deductions. A person who operates a home based business has the same tax advantage as a big business or a person who has an outside office, and many of your ongoing expenses can turn into tax deductions if you have a legitimate home based business. You must have intent to profit or it’s considered a hobby.

Consult with material from the IRS as well as a professional. I am not going to give you tax advice but suggest that you find a tax adviser who can help you set up your home based business properly. It is very important that you keep good records. Document everything; this is where a day planner is crucial.

The five W’s are important on your tax record, why you did it, who you did it with, when; the day and time of the activity, what transpired and the business reason you met and where the activity took place. This might take extra effort but is essential to your record keeping. You can go to http://www.irs.gov/ and find periodicals covering what you need to do to have a home based office as well as what constitutes a legitimate business venture and not just a hobby.

Follow my blog for further information about offline and online home based businesses. My next posts are Rants, Raves and Reviews of products I’ve investigated in my marketing adventures.

About the Author

My 40 year business experience posted on my blog. Content from GoArticles.com

Medical Transcription, Coding, & Billing as a Home-Based Business

By: Dawn Moreno, Meditec Program Manager, Instructor

From the many calls we receive each day, it is evident that many people want to know if starting an at home MT, Coding, and Billing business is a wise idea in our current economy.  It is important to differentiate those that would like to work at home for someone else from those that want to start their own business.  There are many jobs available for those who would like to work at home for a medical transcription service that someone else owns.  There are some jobs available for those who would like to work at home doing medical coding and billing for someone else.

Because the healthcare field seldom feels the effects from a recession, jobs are plentiful and clients available for those that would like to start their own home-based business in this career field, and the start up costs are pretty reasonable compared to other businesses.  The first step to starting your own MT/Coding/Billing service, or any of those individually, is to obtain quality education in each career field. Meditec offers great online combination courses that fill this need. The second step would be to gain an understanding of starting your own home-based business regarding how to find clients, marketing, contracts, taxes, accounting, start up costs, etc.  Meditec offers the Home Biz-Medical book which not only covers all of these areas but also includes actual forms, contracts, and other great tools to help you be successful in your venture.  The third step is to make sure you have enough capital on hand to launch out. Because you can start out slowly, taking on one client at a time, this investment is comparably small in nature.   To bring on medical transcription clients you would need money for good accounting software (or a good accountant), equipment costs, and marketing costs.  A couple thousand dollars would be sufficient to get started. To add medical coding and billing services, the start up costs do increase to include a good medical billing and coding software package, and clearinghouse fees.  Remember that the tax write-offs for a home-based business are substantial, which adds to your bottom line.

Some Meditec students start out working for an established company, whether it is a medical transcription service or a coding/billing entity.  They work at home or in house. After gaining some experience, they tend to want to cut out the middle man and get their own clients.  Other graduates start their own businesses immediately upon graduation and they are well prepared to do so.

The bottom line is that the fields of medical transcription, medical coding, and medical billing offer great flexibility.  One can choose to work for someone else, or they can choose to start their own home-based business.

The Tax Savings Of Starting Your Own Business Are Too Impressive To Be Ignored

by Chintamani

If you start up a business from home, the tax deductions are impressive. If you are working a steady job outside of the home or if you’ve recently been laid off or have become unemployed, right now is an ideal time to begin a home based business of your own.

As a business owner and employer you will receive great tax benefits in the form of deductions and credits.

You can cut your taxes 30-50% by starting and operating a home based business.

There are major tax breaks available to people operating home based businesses.

Congress has decided that these breaks are necessary because home based businesses provide a safety net to Americans who might lose their jobs or face layoffs during these tough economic times.

You are not dodging taxes or tricking the Internal Revenue Service. You are taking advantage of legitimate means to minimize your tax liabilities. The congress wants you to have this incentive because they believe home based businesses will be good for the economy.

Your tax refund could grow by thousands of dollars through your home-based business. That should be enough to cover all your start up costs and leave you with 100% of what your home-based business earns.

As a home based businessperson, you have the following advantages, tax wise.

You can deduct household expenses such as mortgage interest, utilities, and home improvements.

You can get deductions for hiring your spouse and legal aged children to work for your business.

You can deduct automobile expenses if you use your car in some aspect of the business. You can even put a small sign advertising your business on your car and write off gas and travel expenses every time you use it.

Deduct your vacation if you distribute business cards where you are staying or make business contacts along the road.

Deduct meals with colleagues, even if they live with you.

You can deduct part of your phone bill, cell phone bill, and the bill from your Internet provider.

Any computer equipment like printers, monitors, routers, can be deducted as long as you are using the computer for business.

Office supply costs like pencils, pens, paper, and the furniture in your office space are tax deductible.

Marketing expenses are deductible.

Deduct the expense for trade journals.

There are many other things you can deduct, as well as receive tax credits, for operating your business from home. Look into it and see if a home based business might be your best job option for impressive tax savings.

If you are managing a home based business, there are a number of legitimate opportunities for you to reduce your taxes. If you have proper documentation, your business can save you thousands of dollars every year.

About the Author

Chintamani Abhyankar, is a well known expert in the field of finance and taxation for last 25 years. His famous Tax eBook “Stop donating your money to IRS” which is now running in its second edition, provides intricate knowledge and valuable tips on personal finance and income tax. Just visit his website http://www.planningyourtax.com/ and claim your FREE eBook.

SOMETHING NEW at Meditec!!!

MEDITEC IS NOW ON FACEBOOK AND BLOGGER:

Meditec now has pages on both Facebook and Blogger! On both pages you will find unadvertised specials on our products, services, and programs. Additionally, we will have interesting industry specific articles, news, and career information.  We intend to have new medical terms, quizzes, and games as well for our students and new MTs.

Please join us! The links are below!

http://www.facebook.com/pages/Layton-UT/Meditec-Learn-at-Home-to-Work-at-Home/147578657605?v=wall

http://meditechomecareer.blogspot.com/

Referral Program

Do you know someone who is interested in career training? Refer them to Meditec and if they enroll with us within the next 3 months we’ll send you $100 as a thank you gift. That’s $100 for every person who enrolls – and there’s no limit on how many referral you can make. All you need to do is e-mail us at info@meditec.com with their first name, last name and what state they live in (so that we can keep track of your referrals).

Returning Student Discount

As a special thank you, all past Meditec students (those not currently studying with us) will receive 25% off for any training programs in which they enroll.