Barbara Weltman informs listeners of tax benefits on home-based businesses

Aug. 26, 2010 - PRLog -- “The Complete Idiot’s Guide to Starting a Home-Based Business” author, Barbara Weltman, joins Jason Hartman of the Creating Wealth Show in episode number 182 for a topic on the tax and financial benefits of owning a home-based business.

Weltman, who has been a business and tax attorney since 1977, shows listeners some immediate benefits of owning a home-based business. “In running a home-based business, you save on overhead since you are already paying for your location, you save on time and commuting costs, and you remain flexible for your personal life.”

When asked by Hartman what kind of businesses are most often home-based, Weltman explains, “Construction, financial services… basically anything that, you, as a business-owner, can service outside of your home and can run inside your home, like keeping books and scheduling appointments.”

“Like any business, running a business out of your home can be difficult. It requires a person to have the skills to properly run the business, and is not for everyone,” according to Weltman. She explains that she often sees people start a home-based business on the side for the tax benefits; for others, though, they may be laid off and no longer have positions available to them, so they start a home-based business rather than re-entering the workforce.

Weltman point outs of other tax benefits of a being a business owner, including, operating costs offsetting revenue that would normally be taxed as income, deductible travel expenses, and the ability to have qualified retirement plans to shelter income.

When speaking about hiring employees for a business, Weltman advises remaining in tax compliance with states, as business owners repeatedly misclassify employees as independent contractors.

Barbara Weltman is a graduate of Brooklyn Law School and is an author of many books in the area of business and taxes.

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