Before You Start a Home Based Business

Before You Start a Home Based Business

Home based business's starts and success stories have soared over the years as the negative mystique of having a home based business has all but disappeared. With all of the advances of technology ranging from the Internet, laptops, e-mails, text messaging and cell phones you can now have a virtual office anywhere. In fact, the latest statistics revealed that as many as one-third of all of total active business's are now home based.

Recently I addressed an inquiry from an individual who was looking to start a home based business. They were hoping to start a business that was not only based upon the possibility of making money but also the probability of taking tax deductions and in so doing lowering your tax bill as a result. This has many financial and providential problems that include:

-Tax Law. Tax Law says that anything that one does solely to reduce taxes is not legal. Thus, if your sole desire is to created deductions out of thin air, not only is it against taw law, it will create more tax problems rather than helping to reduce your tax liability. Thus, you will want to invest in ventures that are economically viable.

-Success. Foremost I want to succeed. I want to work with those who want to succeed. I want to have friends and associates who want to succeed. Secondly, I cannot feed my family with a tax deduction. The grocery store, the bank, my mortgage company or my car note does not accept tax deductions as valid legal tender. Set about surrounding yourself and using mentors who have succeeded and not those who attempt to "squeeze the system."

-Prudence. In order to serve my family, my obligations and my Lord I have to have a means in order to provide for myself but also others. In these tough economic times, there are many of us who need special assistance with whom the profits of our labors cannot only benefit ourselves but also many who are less fortunate.

Being good stewards is a critical part of our "Faith Walk" and an essential component of this is being wise to those who would attempt to lead us down the path to our destruction. Seek out only investments and business opportunities where there is a proven, tracked and verified record of success as your best defense to sound financial planning. So next time you hear that "slick presentation" flee with your hands on wallet as you walk out the door!

John Dillard is a Speaker/Author and Certified Public Accountant (All Rights Reserved). To See how he takes Christ along with him to work visit http://www.hiscpa.com/ (An Atlanta CPA firm) and for his latest book Overcoming Life's 9/11's: Job's Journey visit http://www.john-dillard.com/