HomeBizBytes Ezine - Newsletter


____________________________________________

             --- Welcome To ---

           H o me B i z B y t e s

           Visit us on the Web at:
     http://www.HomeBusinessOnline.com

              January 2, 2002

     Library of Congress - ISSN #1530-8790
* See end for contact, submission and subscriber information.


_____ IN THIS ISSUE ________________________

- Announcements

- Editor's Ramblings

- Follow up Report - Thanks to subscriber Phil Wiley

- 2-Liners For Our Fellow Home-based Entrepreneurs

- Are You Just Starting Out?
     If you're a beginner wanting to make money online, this 
     is where Dave and I suggest you start...

- Featured Article
     I Know One of Your Greatest Fears!
     ...This is Part I of a 2-part timely series.  You'll have 
     to read it to find out what Dave and I know about you!

- Classifieds

- Kind Things You Have Said... Thanks!

- Contact, Submission and Subscriber Info

-----

Dave and I would like to introduce this week's sponsor.  This 
sponsor has been a long-time, loyal subscriber of HomeBizBytes!...

http://www.theduplicator.com/NHuston?s=hbo1

It's January 2nd...your either heading out the door to work, 
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Or, you haven't been able to check your e-mail in quite a few 
days now because of work!  Will a home-based business 
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-----
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_____ ANNOUNCEMENTS ________________________

#1) Let's have a little fun this week.  Here's how you can win 
an official 2002 Olympic "United We Stand" pin.

We're willing to bet you're as tired as we are of receiving AOL 
internet access disks in the mail.  So, we've put up a "Top 10 
Ways to Use the AOL CD's You Receive in the Mail" list at our 
forum.  EVERYONE who contributes an idea will win a pin!  
Here's the link:
http://www.homebusinessonline.com/community/forum/viewtopic.php?
topic=32&forum=11&0


#2) Want to Place Your Ad in HomeBizBytes or HomeBusinessOnline?
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_____ EDITOR'S RAMBLINGS ___________________

A warm welcome from Heidi and Dave to our new subscribers.

Things are really starting to pick up at our site.  We can 
tell people are getting back to the regular grind.  Case in 
point: we received 45 new subscribers on Monday, 68 yesterday, 
and today looks like it will close out around 90.  Tomorrow 
and the next day should be even better.

Are you noticing a similar trend?

Dave and I wish you a very happy and successful New Year.  
Make it happen...This is your year!

Pass this newsletter on to your friends and associates.  Let 
them know you sent it.

Remember, we read every email from our subscribers, so send 
'em our way!

Heidi and Dave Perry
Your Rambling Editors
mailto:Editor@HomeBusinessOnline.com


Archives of past issues and articles may be found at
http://www.HomeBusinessOnline.com/ezine/hbb/ 


_____ FOLLOW UP REPORT ______________________

After last week's Holiday Activity Report, internet marketing 
expert and subscriber Phil Wiley, had this to add.

  "My Ezine subscribers didn't show a rise on Christmas Day - 
  they stayed low, as you can see below, then a big rise on 
  the 27th.  (a mention in Allan Gardyne's Ezine helped a lot 
  on that date)

  12/28/2001: 53
  12/27/2001: 251
  12/26/2001: 11
  12/25/2001: 11
  12/24/2001: 8
  12/23/2001: 22
  12/22/2001: 86
  12/21/2001: 121

  "But my business didn't sag during the holidays. I made 
  several sales of my book on Christmas Day, plus plenty on 
  Boxing Day. I also made affiliate sales on Christmas Day. 
  So plenty of people must have been online."

Thanks for your feedback, Phil.  I've mentioned Phil's 
excellent new eBook "Mini Site Profits" as one that I would 
recommend to you.  After reading his book, I went straight-
away to test his unique model with my own mini site. (I always 
test everything before I feel good about telling you about it.)
Yes, his model does work, and you can generate income within 
just weeks.

If you're willing to spend some time for a week or two getting 
things set up, and you'd like to make almost instant money 
online - without having to stock product - and with just the 
change in your wallet - Phil's model is worth checking out...
http://www.homebusinessonline.com/preview/phil_minisites.html


_____ 2-LINERS FOR HOME ENTREPRENEURS ______
       
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Stop Procrastinating Now!  Net Entrepreneur Shares Secrets 
of His $5.2 Million Online
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"Discover How To Generate Spectacular Monthly Profits"
Free article reveals the method used to rake it all in.
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Ground Floor BioTech MLM Leaders.
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Try out the $5 solution and make money on the internet, 
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_____ ARE YOU JUST STARTING OUT? ___________

Dave and I receive so many emails each week from beginners 
wanting to start a business online.  We know there's a lot of 
"stuff" out there telling you every which way to go - some of 
it very good - a lot of it pure hype.

With this in mind, we've set up a simple page with only two 
sources we feel can truly help you as a beginner.  In fact, we 
believe them to be two of the best helps for beginners.  They 
will help you immensely to learn the ropes of making money 
online.
http://www.homebusinessonline.com/reviews/startingout.html

_____ FEATURED ARTICLE _____________________


          I Know One of Your Greatest Fears!
	               Part I


I'll bet I can name one of your greatest fears as a home-based 
business owner.  Really I can.

Okay, I've got my crystal ball right here, I'm closing my 
eyes...It's coming...It's almost here...

I've got it!  Taxes!

Okay, so my name isn't Zelda and I don't have psychic powers, 
but I was right, wasn't I?  Do you know why I know this about 
you?  Because you and 50 million other home-based business 
owners have the same fear, especially at the beginning of the 
year with taxes on the small business brain.

Actually, I'm fairly certain about one other thing.  You are 
not taking all the deductions to which you are entitled.  

Why?

Well, for one reason, facing the IRS probably scares the 
heebie-jeebies out of you.  We've all had to face the fear of 
claiming too many deductions for fear it will trigger a flag 
for the IRS.

There is, however, one other reason you may not be taking well-
earned deductions. 

You probably don't realize all that you can take.

Folks, you are entitled to some wonderful tax benefits as a 
home-based business owner. You need to take advantage of them, 
you have earned them.

I must warn you though, tax reduction is not for the timid!

Nevertheless, take heart, because it is something you will 
necessarily learn as your business grows.  Trust me, the more 
money you make, the more you will want to learn your tax 
deduction options.  

The two keys to building confidence in taking tax deductions 
are 1) knowledge, and 2) keeping records.  I know, I know.  
Those are both weak areas for you.  They are for me too.

So, let's start by simply opening your mind to some 
possibilities you may not have thought of.  My hope is that 
when you are done reading this article, you will say, "Wow, I 
hadn't thought of that!"

Let's briefly talk about record keeping.  It is important, and 
not just for profits and losses.  Actually, the lack of record 
keeping is one of the main reasons small business owners get 
into trouble with the IRS. Quite frankly, the IRS is not 
interested in how much you make or spend.  Nope.  They simply 
want to know if you can prove it.

What are they looking for?

Three things: 

1) Proof of Profit Motive
Can you prove you are actually making a profit or making 
strides in that direction?  (You are given some leeway for 
losses during your first years.)  If not, the IRS may consider 
you a hobby and not a business.  Hobbies cannot take tax 
deductions.

2) Paperwork
Do you have receipts to back up your claims?  Not only this, 
but have you jotted notes on them as to why they were business-
related?  You'll have a dandy time trying to convince the IRS 
that the 20 receipts from "Dan's Hot dog Shack" are business-
related.  However, if they are all business-related, and 
you've jotted a quick note on the back of each detailing why, 
who, when and/or where, you have a very good chance of the IRS 
accepting this.  The note doesn't have to look professional.  
In fact, scuffed up receipts penned in different colors often 
appear to be more legitimate.  Make it a habit.

Not only should you keep receipts, but you'll need to keep 
invoices, contracts, cancelled checks, bank and credit card 
statements.  I like to keep receipts in a plain old accordion 
file, nothing fancy.  The receipts don't easily fall out.  A 
word to the wise - avoid "shoe box" accounting.  You'll only 
frustrate yourself and the IRS.  

3) Accounting
Have you found a way to organize the monthly data from your 
records?  There is no rule that says you can't do this by hand 
if you feel more comfortable doing it this way.  If your 
income and expenses are not terribly involved, all you really 
need are columns for money coming into your business and money 
going out.  If you're not comfortable with equipment 
depreciation and such, a tax accountant can easily handle that 
for you from your simple "income-in-expenses-out" ledger.

Most people like to use accounting software program like 
QuickBooks Pro or PeachTree, myself included.  However, be 
aware that you can waste a lot of time with involved 
accounting software.  Use the features you truly need, and 
disregard the rest.

For filing taxes, I highly recommend Turbo Tax if you don't 
use an accountant.  Each screen will help you think through 
things you may have missed for saving on taxes.  It's very 
user-friendly and intuitive.

Okay.  We've discussed the record-keeping end of taxes.  It 
really is as easy as the three guidelines listed above.  But, 
you probably have questions about what actual tax deductions 
you can take.  So...

In Part II next week we'll talk about it.  You will be 
pleasantly surprised at deductions you probably have not 
thought of.

There truly are some wonderful home-based advantages.  

Stay tuned...

------
Note: You have permission to reprint this article in its 
entirety with the author's credits below.

About the Authors: 
Heidi and Dave Perry are successful entrepreneurs and founders 
of HomeBusinessOnline.com and PrettyGreat.com.  Get free 
issues of their popular HomeBizBytes newsletter at
http://www.HomeBusinessOnline.com/nsl.htm?hbb


_____CLASSIFIEDS____________________________

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_____KIND THINGS YOU HAVE SAID______________

Short and sweet says so much...

  "Thank you, thank you, thank you!!"

  Julia Nasab


_____CONTACT AND SUBMISSION INFORMATION_____

* Please tell us how we're doing!  Send any comments
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* Permission to reprint or forward this ezine in its
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  We'd love to provide something useful for you and
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A heart-felt thank you for subscribing,

Heidi and Dave Perry, Editors
http://www.HomeBusinessOnline.com
Editor@HomeBusinessOnline.com


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