Welcome to ** Colleen Mandato's "All-Business" Newsletter!
September 14, 2000

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Today's Issue Includes:

** Notes from Colleen @}-->-->-------
** Article: "Make Your Castle Into A Tax Deductible Gold Mine"
By Sandy Botkin, CPA, Attorney
** Best Book of the Week: "Rich Dad's Guide to Investing "
** Resource: Free International ISP
** Resource: Free Auto Responders
** Quote of the week -- "When you do not tire within"

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*** Notes from Colleen @}-->-->-------

Thank you for reading "All-Business"!

September is often considered the start
of the "New Business Year" --

children go back to school,
adults are home from vacation,
the weather turns cooler in many places
and the holidays are just around the corner.

Consider this month as your "Business New Year"
and write down where you'd like to see yourself
-- and your business -- this time next year.

Take steps every day in your business promotion --
and your own personal growth --

You'll be amazed
what a difference it will make
for you and your business!

This week we have great info
on home office deductions for our US friends --
and where to find free ISP service for our friends worldwide --
and free autoresponders for everyone!

Have a great week!
Colleen @}-->-->--------

~~~~~

You might want to print out this issue for long term use...
and thank you for choosing to spend your time with us...

Please help us grow --
forward this to a three of your business associates.

(^;^) Thanks! (^;^)

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Article-

"Make Your Castle Into A Tax Deductible Gold Mine"
By Sandy Botkin, CPA, Attorney

Beginning in 1999, Congress liberalized the home office
rules to such an extent that many home based businesses and
especially network marketing businesses can legally and
moral and ethically claim the benefits of the deduction. In
fact, when I analyzed the numbers, the benefit of claiming
this deduction can result in thousands in your pocket
every year. Thus, if you have an accountant that states
that this deduction isn't worth it, they don't understand
its immense benefit.

Requirements of a Home Office: To be eligible for the home
office deduction for your home-based business, must meet
several requirements:

* Use your home as your principal office
* Use your home regularly for business
* Use an exclusive portion of your home for business

Principal Office requirement: Recently, Congress liberalized
this in order to allow most home based businesses and
network marketing businesses this deduction. To constitute
a principal office, you must render significant management
or administration for your business out of your home AND
not have another office where you render significant
services. Significant management or administration means
doing the paperwork for the business in a set spot of your
home.

Example: Kara runs a network marketing business out of her
home. She reviews all applications for her business in her
home and inputs all her business expenses into Quicken in
her home. Her home qualifies as per principal place of
business for her networking business.

Caution: If Kara has another office that is used for her
networking business, she may not be qualified for the home
office deduction unless she does NOT render any significant
services from the other office.

What is regular use? You must also work your business
regularly out of your home. Although there is no hard and
fast rule as to what this is, case law generally requires 45
minutes a day, four to five days a week out of your home.
Thus, if you only work one hour a week, this may not be
enough.

What constitutes exclusive use? You must use a portion of
your home exclusively for business. This does not mean that
a whole room must be used for business. In fact, you can use
part of a room. However, the part used for business must be
used exclusively for business. Thus, if there's a set of
cookbooks in the home office book shelf, get them out. If
you have a computer in your home office, don't play games
on the computer etc.

One big question that I get at most seminars is, "whether
IRS will visit my home and see if I am playing games on the
home office computer or have non-business books in the home
office bookshelf?" The answer is: Yes, they can. However,
if IRS does choose to visit your home, they will generally
give you between four and twelve weeks advance notice!

Having a home office allows what type of deductions? The
home office deduction applies to the real estate and not
the furniture. Thus, if you qualify for the deduction, you
may deduct part of your utilities, depreciate part of your
home, deduct part of any cleaning service, part of any home
owner's fees, part of any burglar alarm monitoring fees etc.
No, you may not deduct any part of your guard dog!

However, even if you don't qualify for the deduction, it
does not apply to any furniture that you use for business.
Thus, the desk that you use, the chair, the bookshelf and
file cabinet all can be depreciated to the extent that you
use these items for business. They have nothing to do with
the home office deduction. In fact, you may not be eligible
to claim a home office deduction and still deduct your
furniture and equipment to the extent used for business.

Cautionary Limits: The home office deduction, unlike any
other type of business deduction, is limited to the net
income from your business.

Example: Keith has a net income from his home based
business of $600 per year not including any deduction
attributable to a home office. If the home office deduction
is $5000, he may only deduct $600, which is limited to his
net income from his business.

Tip: Take the home office deduction anyway even if your
net income from your business doesn't justify it. You may
carryover any excess to future years forever!

In short, the home office deduction can be worth thousands
each year in your pocket. It is one of many reasons why
everyone should have a home-based business. With the
right knowledge, you can make tax day- payday!

###
Sandy Botkin CPA and Esq. is a former trainer of IRS
attorneys. He is the author of his "Tax Strategies for
Business Professionals" and "Tax Advantages for Home Based
Business" (US and Canadian Edition). He is also the author
of the only known audit proof diary in existence. For more
information regarding his products and for other articles
written by him, check out his web site at:
http://www.taxreductioninstitute.com

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*** B E S T - B O O K -O F -T H E - W E E K

"Rich Dad's Guide to Investing"

by Robert Kiyosaki and Sharon Lechter

This newest of the "Rich Dad" books could easily be the
best of the three -- and the most disturbing.

Reading it may open a whole new world for you.

The "Rich Dad" series show you how to
make extraordinary progress toward financial
independence -- your own way.

One of the interesting points was
the importance of owning a business -- and why --
and the open recommendation of starting
a network marketing business
as one valid way to achieving this goal.

Don't miss this one... it could change your life.

http://www.amazon.com/exec/obidos/ASIN/0446677469/colleemandatlife

Think you might glean an idea or two
for YOUR financial future???

Click here and order it now!

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*** RESOURCE: FREE INTERNATIONAL INTERNET

If you travel frequently
and don't want to miss out on anything on the net,
here is a great resource.

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you click to the location you are interested in
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" Freedomlist.com" has more than
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Check it out!
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~~~~~~~~~~~~~~~~~~~~~~~~~~
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*** RESOURCE: FREE AUTORESPONDERS!

An autoresponder is an online tool that can
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They can be used for many things --
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~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
*** All-Business Quote of the Week!
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

"When the deepest part of you
becomes engaged in what you are doing,
when what you do serves both yourself and others,
when you do not tire within
but seek the sweet satisfaction of your life and your work,
you are doing what you were meant to be doing."

~ Gary Zukav, Seat of the Soul ~

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Well, friends, that's it for this time!

Please forward this issue
-- in it's entirety, please --
to your friends and associates.

Special thanks to the new folks that joined
us recently --I certainly appreciate your trust!

Feedback is very much appreciated.
Please send your comments, questions and ideas to:

august12@... (Colleen Mandato)

Have a great week!
Colleen @}-->-->--------

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