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Posts Tagged ‘Entrepreneurship’

Online Entrepreneurship

Friday, January 15th, 2010

Living in a world of opposites renders a double sided coin to all things, an entrepreneur will give you the freedom to make decisions without depending on any other person. You can be your own boss. Entrepreneurship also renders control and stability to a level which a person will never be able to achieve while being an employee. Now here let us have a look into various aspects of being an entrepreneur.

High level of excitement: The level of excitement, which an entrepreneur experiences, right from the moment the venture kicks off is much higher when compared to the excitement level which you may feel after you get a job in a company. The people who love adventures find that being a home based entrepreneur comes with some risks. But keep in mind that the risks which you are adopting must be at a calculated level. You should never venture into anything, forgetting your potential level.

Remuneration Vs Profits: People working in companies generally feel that they are not receiving the remuneration they deserve. As an employee your opportunities for a sary increase are limited and you are left to follow the structure of your employer. The bottom line is that they being told what they are worth. When it comes to being an entrepreneur, your focus is on profits. Your profits are directly proportional to the hard work you put in and your skills. As an entrepreneur you retain the flexibility of being able to set your own financial goals and the freedom to achieve them.

Work Flexibility: If you are working as an employee, then you will have to adhere to certain rules and regulations at the work place. Having deadlines set commits you to complete the projects. Your schedule depends on work and there is limited flexibility. However, as an entrepreneur, you enjoy a great level of flexibility. With the additional time freedom you are able to enjoy a fuller life with more vacations. There is no restriction about the time you can spend with your family. You can come to office and leave the office according to your convenience. One should also remember that with this freedom also comes a high level of dedication and discipline to you business. Does that tempt you?

Independence & Responsibility: There are people who feel irritated when they are answerable to someone. For those who dislike this idea, the best way is to be an entrepreneur as you are your own boss. Responsibility and challenges also come with running your own online business. Unless you are very efficient and have a vision to foresee the future of your business, you might not succeed. The success of any business first starts within the owners belief and vision and is then manifested physically.

Beat the Competition: As an employee, you need to remain competitive always if you want to increase your compensation or get promotions. This, in turn, can create cold war with other employees at the work place, disrupting the relations. But as an entrepreneur, you need to compete with other competitors in the market. This is why continued education in marketing, mind set, posture and recruiting are crucial for the success a home based business.

Guide to Self-Employment Tax

Thursday, August 27th, 2009

There are alternative methods that can be used for figuring liability of self-employment tax and they are: The Farm Optional Method and the Nonfarm Optional Method. These methods may qualify an individual to claim a larger Earned Income Credit or Child Tax Credit; they may also, however, increase your self-employment tax liability.

The maximum amount of earnings subject to self-employment tax is currently $87,000.00. Now, when figuring your adjusted gross income on Form 1040, you may deduct up to one-half of your self-employment tax liability and if you are member of the ministry or clergy you may request an exemption from self-employment tax from the IRS.

When must self-employment taxes be paid? Generally, the self-employment taxes aren’t due until the end of the year, when your personal tax return is filed. Why is it this way? The self-employment tax isn’t due until the end of the year simply because of the fact that many self-employed business owners don’t file the net profit or net loss figures on their self-employment earnings, until the year’s end. If there is a net loss, the self-employed individual receives a credit of self-employment tax due, in the amount of one-half of the amount due.

The self-employment tax is the self-employed individual’s equivalent to the social security and Medicare tax deducted from employee’s pay check each week. The wage earner’s taxes are configured by their employer and are deducted on a weekly basis. The self-employed individual isn’t required to make weekly payments of self-employment tax, but they are held liable for the full 15.3 rate, that is split between the employee and the employer in wage earning situations. In general, however, if you expect to owe taxes in excess of $1000 for the year, you are required to pay estimated taxes each quarter.

In summary, if you are self-employed, have net earnings of $400 or more, and file a tax return, you will be subject to self-employment tax. To learn more about individual liabilities, exemptions, and alternative tax methods, please visit the online site for IRS Forms and Publications at the IRS website. Topic 554, Publication 517 and 533 will provide more detailed and situation specific information.

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