CNN’s John Blake wrote a fantastic article on CNN about home-based workers and taxes. After joking about President Obama’s new stimulus package – being about 1,000 pages long and costing $787 billion, Blake gets down to business and talks about how it will benefit small businesses more than home-based workers.
Most tax experts agree there are no tax changes in the plan that specifically address folks who work at home, but the package does benefit small businesses in the following ways:
If you work at home and buy equipment for your business, the IRS guidelines have dictated in past years that businesses must depreciate equipment purchases over the economic life of the property. Now, the stimulus plan’s small-business equipment expensing rules allow a business to immediately write off the cost of equipment in the year of the purchase – at least up to $250,000.
Next, the stimulus package includes incentives to expand broadband Internet access to underserved areas, encouraging people to work from home. Before small businesses could only carry back their net operating losses for a maximum of two tax years. That is when your deductions are more than your income for the year. Now with the 2008 stimulus package, you can carry back losses for up to five years if you are a small businesses with gross revenue of $15 million or less.
These are just a few ways to assist small businesses. But what if, as tax time approaches, you simply do not have the funds to cover your tax debt? Think seriously about spot invoice factoring.
Accounts receivables factoring is offering short-term working capital to growing businesses, many of which do not get paid right away for delivered products/services. But every business needs some cash on hand in order to sustain and grow. So what happens if you do not get paid for a few months, and you do not have time to seek alternative financing through banks?
Spot factoring is an extremely fast way to turn your receivables into cash. IFG looks at your customers’ credit – not your credit – and can pay you the majority of what’s owed to you within as little as 24 hours, so you can pay your taxes on time.
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