Archive for February, 2019

The Consequences if a No-Deal Brexit on Graduate Employment

Britain’s exit from the EU is set for the 29th March 2019. This deadline is fast approaching and there is a level of uncertainty across the broad remit of UK-based industries, as the government is yet to agree upon the exit deal.

 

A hard Brexit could see the collapse of many industries, as trading routes are changed, cut off and overall production is delayed. For example, the UK property market could collapse if the Bank of England is forced to raise interest rates sharply.

 

Experts believe that a hard Brexit will only have one certain outcome and that is a recession. The UK economy will be hit hard by a no-deal Brexit, meaning that there will be fewer job vacancies for graduates and job seekers. The question of a hard Brexit is not so much, whether there will be a recession, but how quickly UK business will be able to bounce back.

 

How will business be affected by a hard Brexit?

Many studies have been conducted in the wake of Brexit discussions, but one of the most prevalent is the fact that a fifth of surveyed UK firms stated that they would cut and in some cases halt employment in the event of a hard Brexit.

It’s likely that with a hard Brexit, that the economy would suffer greatly. Many experts fear that without securing a deal with the EU, the UK property market and banks would crash, leaving the country in recession. Because if this, businesses will be tightening their belts in every way that they can. Although graduates are desirable candidates for many businesses, in the event of a recession, skilled workers, who have experience in the field will be favoured every time.

The graduate market is oversaturated, meaning that many industries are very competitive for graduate employment. In order to be considered for many sought after positions, you have to be a high achiever, with a good degree from a reputable university, experience is always welcomed too. This competition will only become more intense in the event of a hard Brexit, as businesses will be less inclined to hire graduates, unless they have a reasonable amount of knowledge and will be willing to work for a lower wage.

This means that graduates will be a less desirable option for employers to choose, as they will have to make a conscious effort to employ those who have industry experience. As it stands, the graduate job market is extremely competitive, with hundreds of thousands of young people graduating from university every year. This market is set to becoming increasingly competitive regardless of a hard or soft Brexit.

The British Chambers of Commerce have recently surveyed 2500 participants, all of which being firms and business owners. Around 18% of these respondents have indicated that recruitment would be halted if no deal is agreed upon. In addition to this, 21% of business owners agreed that they would also reduce investment in their business.

Many business owners will halt growth in the wake of Brexit, as we are entering a period of financial uncertainty. Although there is no real evidence that a recession will happen in the wake of a no-deal Brexit, experts have calculated an extremely high probability.

A Hard Brexit could also see many international businesses that are currently based in the UK, to relocate to a different country. It’s been said that many global businesses are already considering to relocate to EU27 countries following the no-deal scenario. With May failing to get the approval from.

 

Employment Law in the wake of Brexit

Government officials have stressed that there will be no real change to UK employment law after Britain leaves the European Union, however, this is yet to be finalised.

If everything remains the same, then the UK will still offer maternity leave, holiday hours, sick pay and other amenities and protective legislation. There is a high possibility that the UK legislation will simply be holding a mirror up to the existing EU legislation. Experts were once worried that this would not be the case and that UK citizens would be worse off after Brexit.

Government officials have stated that it is likely that all of the current EU employment laws and other EU law will be reflected in the new UK law. The official legislation is set to be released either sometime after or before Britain takes its leave from the EU.

 

The Other Side Of The Medal: UK Graduates Abroad

It has been estimated that over 900.000 UK citizens are working abroad, whether if in Europe or elsewhere. With this in mind, in the last couple of months, we’ve seen a considerably rising concern from these professionals, who are (in fact) worried about their employment status in case of a no-deal scenario. It’s always a good idea to speak with immigration solicitors to get a second opinion.

This is a crucial aspect within the whole Brexit game since it impacts both the companies which relocated UK citizens and, clearly, themselves: as a domino effect, we can safely state that a no-deal scenario will cause several bureaucratic problems within blue chip companies with many offices in Europe. The fear of a no-deal Brexit has been quoted by many as a “possible crisis”, which is something to look after, especially from this business side of things.

 

GDPR-Related Professionals

As we all know, GDPR has been a major focus for certain businesses in 2018 and has created thousands of vacancies ranging from admin to the technical sphere. This is incredibly important, given the fact that no one knows what will happen in case of a no-deal Brexit. Of course, given the fact that the UK was included into the original GDPR plan, this shouldn’t change, but there have been some questions raised on the matter recently (although GDPR isn’t that impactful, from a market’s perspective).

With this in mind, GDPR-related professionals are still a considerable part of the entire job market, and, given the fact that they normally fall into a graduate-working and development scheme, this could be extremely relevant to Brexit as a whole.

Timeframes

When it comes to dealing with Brexit projections, whether in case of a deal/no-deal scenario, it’s important to understand the fact that this will start to impact businesses and workers after 2021 when all these data will be actually put into action by the government.

With this in mind, panicking over projections at the moment (and given the fragility of the overall matter) is pretty futile as the whole plan is most likely to change in the next couple of months. For now, we can safely say that graduate employment will keep on going as for now, given the fact that VISAs are still not required on both ends (UK citizens working in the EU and EU citizens working in the UK.)

 

To Conclude

As feared by many, a no-deal Brexit will naturally drive the business-side of things towards critical changes, both from an architectural point of view, but also from a bureaucratic one. As said above, things are very uncertain at the moment and are most likely to remain in the same limbo for at least a couple of months after March 29th.

Graduate employment is something that will definitely suffer in case of a no-deal Brexit but, as said multiple times, we just have to wait and see what and how the EU will react to the current plans the UK has.

Richard has an interest in Brexit and works with the Immigration Advice Service to better inform business owners on employability in a post-Brexit UK.

How to Choose Between Perfect Bound and Saddle Stitch?

A publication has a number of different books and magazines being printed daily. All these books and magazines come in different size and have a design of their own. Some are thick, while others are comparatively thin. It often becomes difficult to figure out the perfect binding option for these different kinds of publication products. All these products have usabilities and features that are quite different from each other. So the requirements for publishing these products will obviously be different. These products are also published using different binding options.

Two of the most common binding options are Perfect Binding and Saddle Stitch binding. It is important to know which kind of binding option a book or a magazine will require. This is because the rules for printing for all the publication products depend on a lot of factors like thickness of page, colors to be used etc.  Here in this article you will find which one is better from Perfect bound and saddle stitch.

What is Perfect Bound?

Perfect bound is one of the most common techniques often used in order to bind soft cover books. It is commonly used to bind print media like books, journals, magazines etc. The perfect bound technique of binding makes use of glue for making the pages stick to the spine. The spine is a part of the front cover and is created by bending the front cover. The pages are then glued to this inner area of the bent front cover. There is no other layer or joint between the front cover and the spine. This helps in creating a smoother and a more aesthetic front edge. With perfect bound booklet, you also get the advantage of a better wrap-around printing.

Advantages of Perfect Binding

  • The overall look and appeal of a perfect bound brochure is great.
  • Perfect Binding has a printable spine.
  • Perfect Binding offers longevity. It is especially recommended for books with a heavy usage.
  • It is quite easy to creatively interleaf page in perfect binding.

Limitations of Perfect Binding

  • Perfect Binding doesn’t lie flat at all. This makes you lose the design space.
  • Perfect Binding is especially recommended for books that have thick pages.
  • The binding process here is quite similar to others, but you will always have to allow an extra day in order to produce a perfect bound brochure.

When to choose Perfect Binding?

Publications that produce books with a larger page count make use of perfect binding technique. Any publication that has more than 68 pages attached to it must make use of this technique. The production cost of a publication using perfect binding technique might be slightly higher than producing a saddle stitch brochure publication.

What is Saddle Stitch?

Saddle stitch binding is usually preferred for books with a limited number of pages. It is great for for creating pamphlets and magazines that have less than a 100 pages. Also, the page count has to be in multiples of 4. But Saddle Stitch has its own limitations.

The binding technique of saddle stitch requires full sheets of paper. These pages are then stapled together in the center. After doing this, the book, along with the cover, is folded along the line of the paper in two halves. This technique proves to be cost-effective as there is no use of glue anywhere in the process. The production of saddle stitch books is quick and efficient. Because it doesn’t waste paper or require glue, it is also considered as an eco-friendly process.

Advantages of Saddle Stitching

  • Saddle stitch binding is the least expensive binding option available out there.
  • Producing a saddle stitch book is quick.
  • Most printers produce saddle stitch books in-house, so it is quite popular and also widely available.
  • It lies flat in comparison to other binding options.
  • It allows you to create special gatefold and foldouts.
  • A saddle stitch book can make use of a separate cover or even a self cover.

Disadvantages of Saddle Stitching

  • The wire stitching eventually affects the paper. Saddle stitch binding is not recommended to books that have a heavy usage. So there is not enough longevity.
  • The amount of paper variations offered in saddle stitch binding is quite limited. What happens on the front side of the page will also affect the back side of it.
  • It doesn’t offer a printable spine.
  • If the documents you are trying to print together are thick, saddle stitch binding wouldn’t be a good option then.
  • A saddle stitch book might also require specific design adjustments for the creep. This is often needed in small formats with high number of page counts.

When to use Saddle Stitch?

Saddle stitch is suitable when there are multiple pages bound together is folds of 2 or 3. This fold is known as the spine. Any booklet that has 8 or more than 8 pages can be produced using saddle stitch binding technique. This technique is more budget friendly compared to the perfect binding technique. It is perfect for magazines or pamphlets that are produced on a regular basis. The limitation caused here on the number of pages is because of the creep. Page creep is when the inner sheets stick out farther than the other pages.

Which binding technique to use?

In a situation where you have too many alternatives available in front of you, it is great to work with a print vendor who can help you choose the right binding technique for your publication products be it a book, a magazine, or a pamphlet. Having support of a good print vendor is crucial for producing good quality publications. Working with a print vendor will help you find solutions to problems you might not have even imagined yourself.

If you are looking for a more traditional approach which is also less expensive, you should go for saddle stitch. But the product needs to be of 8 or more pages. But if you are producing books that have a heavy usage, along with a printable spine and a beautiful look to it, then you should opt for perfect binding. Remember, perfect bound book printing is an expensive option, compared to saddle stitch binding.

The Biggest Security Breaches Faced by Companies in 2018

It’s alarming to think that security breaches are common in this day and age, but they are. There’s a reason why cybersecurity companies like CYFIRMA are finding the approval of organizations that have been newly acquainted to the threat of cyber attacks. The security of your business should be your main priority, particularly in today’s all-encompassing digital environment.

You’ll also see that security breaches nowadays are growing larger and more complex. As more people actively participate in the online marketplace, there is more data available online, including Personally Identifiable Information (PII). Additionally, with the number of users of mobile devices growing each year, it is more important than ever to ensure that you are applying the right security measures for your business.

Whether you’re working on your own or with a cybersecurity company like CYFIRMA, you need to ensure that your business is safe and secure. This is due to the fact that even big companies can fall victim to data breaches. To mark an example- following are some of the biggest data breaches that targeted renowned companies in 2018:

MyFitnessPal – Under Armour

An app that helps you keep track of your fitness goal, MyFitnessPal is owned by the American athleisure major, Under Armour. In March 2018, the company discovered that someone had gained unauthorized access to their app’s database. This consisted not only information pertaining to the users’ health and fitness activities but also their email addresses, usernames and hashed passwords. It is believed that over 150 million users were compromised by this breach. The silver lining here is that no sensitive data such as social security numbers, payment information or home addresses were compromised.

My Heritage

A company which provides people with their genetic family tree, MyHeritage suffered a data breach on June 4 when a file was found on the private sector of the company’s files. When the file was inspected, it was found to contain the email addresses of all users who had signed up for the service since October 2017. While the file did not contain any sensitive data, around 92 million users’ data was unfortunately exposed. MyHeritage did refute allegations by claiming that no user data was compromised but it is difficult to believe this statement without any concrete proof.

Facebook

The social media app with a billion users, Facebook has come under fire for their poor security measures, particularly the way the platform works with third-party apps and more. In March 2018, it was discovered that Cambridge Analytica had successfully collected the personal information of around 50 million users on Facebook through an app that scrapped their details as well as user habits and engagement with the platform. While Facebook maintained that only 30 million users were impacted by the breach, by April it was revealed that there were around 87 million users who were actually impacted. Curiously, Facebook has had similar issues in this area before when working with a third-party app called Nametest, which compromised the data of over 120 million users.

With these cases, it is easy to see that working with a cybersecurity company like CYFIRMA will be immediately and immensely beneficial for your business. Additionally, these large businesses have the luxury of bouncing back from the issue, but smaller, newer businesses cannot afford to take the chance.

This Canadian Logistics Company Is Totally Disrupting the North American Shipping Industry

The Western hemisphere, particularly the regions in North America are home to globally recognized retail businesses of relatively any size. These businesses are catering to a broad range of customers in a highly saturated market. For every shipping company, growth and sustainability are the important business objectives which are often difficult to meet.

Meanwhile, logistics is a vital aspect of running a business venture, one that companies varying in size, structure, and business model have to get it right. Whether it is startups, companies in the SME sector or multi-billion dollar corporations, logistics can significantly be a factor which can make or break your operations. Specialized organizations handle the general practice of packaging and shipping of products or equipmentis handled by specialized organizations. However, there are underlying problems in the service model and standards which put forth a great number of challenges for businesses. Especially in the market like North America where the stake is high and numbers are to be met, the margin of error is relatively small. This has given birth to different strategic approaches that many companies employ in their logistics model to gauge maximum results and maintain service standards.

How do companies get it right?

Scaling up efforts to do a job correctly is not simply managed by freight companies but intermediaries that they hire. A vital example of a company representing North America’s leading freight services remains ShipCanada. Founded and run by Christopher Rowland, the company was previously called Equitrans Global Logistics but soon in 2007 as they revamped operations to focus more on the Canadian market, the company was rebranded to ShipCanada. The company’s business model is working as the intermediary between companies with goods to transport and freight carrying companies, mainly connecting them and managing the entire realm of operations. ShipCanada offers specialized services in the capacities of FTL, LTL, Flatbed, Refrigerated Trucking, and Air Shipment.

Taking over the market with a value-added service

Here is how they do it:

Payment method – Payment often becomes a pain problem and ShipCanada’s service model has introduced multiple options, according to the client’s preference. They offer credit terms for up to 30 days and normally accept credit cards for all initial transactions.

Integrated technology and automation – ShipCanada offers real-time tracking of every shipment. They utilize Transportation Management System (TMS) that is aimed to serve and offer the utmost convenience to the clients. It manages it through the integration of EDI and API. Ensuring complete transparency, the TMS technology allows shippers to track freight from all points of pickup to delivery. The interface allows you to track the shipment, get information on the load and rates. Plus, the automated booking option through TMS carries the advantage of instantly generating documents.

Pricing – Shipping goods can be an expensive affair especially when you are not a large corporation which has the liberty of choosing the best service and can certainly afford the price. Here, ShipCanada adds value to its cost-effective model and competitive rates. Also, the LTL component has the best rates in the market across North America.

Tips to Sell Your Artwork

Art is a form of the beautiful type of love and it can be defined in more ways than ten. It is one of the most beautiful forms of expression and there’s so much that can be said without the use of words. At the end of the day, every person’s love for artwork is diverse and definitely can differ from what your idea of art may be at the end of the day. However, if you are a rising star in the field of art and have been wondering how to sell your artwork before you run out of your passion, then it should ease you to know that there are tons of ways to get your artwork to sell.

First things first, you must understand, however, that not everyone is going to like your artwork just because you love it. You must also understand that if someone doesn’t know you at all or if you are absolutely unheard of, then they will only judge your artwork and would not give you credit where its due – although this isn’t very likely to happen in every case.

However, these are some noteworthy tips to sell your artwork with the utmost of ease:

Have a Story to Tell

Enough emphasis cannot be placed on how absolutely crucial it is for your artwork to have a story that accompanies it and that catches the heart of many people. Many artists make the mistake of keeping the story to themselves because they feel that people would not want to know – but that’s the point! You, as the artist, are in love of your work because of the story behind it – so, start telling away!

Get a Curation Company on Your Side

If you have an art curator or an art curation company that has your back, then chances are that they would definitely be willing and able to give you a boost where you need it – is becoming known. General Public is an art curation company which was founded in 2017 by Portia de Rossi. The motto of the company is Support Artists, Not Art. General Public not only recreates the work of artists through 3D Synography but also features the work of many artists on their gallery.

Get an Instagram Account

Instagram is widely used for the purpose of promoting your motives and your purposes. Instagram has long been known for the genius platform that it has provided for millions of people, and how the tiny tool has helped several people become who they are today. Instagram has also been used by many artists who feature their artwork on their account and thus, this is one of the best ways to sell your artwork all while putting in minimum effort into the whole endeavor.

Moreover, if you want your artwork to sell then always ensure to believe in yourself before anything else. You should be positive and always believe that you will get your passion’s worth.

How To Book Hotel For Business Trip? TOP 7 Things To Consider!

It often happens business travelers spend much time to book a flight and pick the right hotel. Usually, it takes you long hours to find the best hotel that corresponds to all your needs. Honestly, there is nothing difficult in the procedure of booking something. You can book everything online! You can take Alamo car rental PR or any other company that suits you the most just in one click. What about the hotels? There must be an option to help you to pick the most comfortable hotel in a new city. Let’s go step by step.

FerMUN: Model UN conference: Press Briefing

 

  1. What do you want?

Plane is faster than a bus. But the bus is cheaper than the plane. Think about it. Do you want to save your time or money? Of course, everything depends on the destination and paying capacity. Also, the most of your money are spent for booking a hotel. You have much to think about here. Do you prefer to live in the city center or somewhere in the outskirts? Do you need a kitchen to cook on your own?

  1. Contract prices

The fastest variant to find a good hotel is making a search. Just go online and get a full list of available hotels in the region you need. You should make a search of hotels on different categories:

Hotels on contract prices

Most preferable hotel chains

Hotels by location

When it comes to traveling, online services can save your time a lot. Pay attention to the contract offers. It can be really helpful to get a high quality service for the special price.

  1. Transportation

As a rule, business travelers are limited in time. Fast transportation is a must. It is a usual thing when you pay attention to how far is the meeting place from your hotel. Nevertheless, it is better to think twice. In big cities it takes more time to move through the city center than get to the suburban office. What a surprise! One kilometer destination through the crowded center takes more time than a six-kilometer trip to the office far from the city. Use Google maps to find out what district is the best for you and all nearby connections.

Hotel Mill Road

 

  1. Keep company policy

Of course, the fastest way to book a business hotel is book a good hotel on the first try. That’s why it is important to keep the company policy about the hotel budget. What does it mean? It means that you have to find out what price your company is ready to pay for your hotel. Overpaying is not what your company is waiting from you. That’s why, making a search try to put the right price in the infobox.

  1. Get sales for group order

Do you need to book a hotel for a group of people? You need to stop and think about which hotel quality is suitable for the whole group.

Do you plan the whole group should stay in the same hotel and share transport?

Do you plan they live in the hostel, or apartments?

Do you need some additional space to gather together for a meeting?

Are there two people who can’t stand each other and should live separately?

Group business trip is a big responsibility. It is better to get answers these and other questions before booking to avoid canceling, changing order, and overpaying.

la dorada apartment rooms

 

  1. Think of alternative variants

Alternative variants become very popular if you have limited budget. Think of Airbnb and Homeaway. You can find more interesting variants on the web. Why? Are there any advantages?

You can feel like locals when you live in a hostel. First of all you have a kitchen to cook on your own. Also, you have much space for communication. You meet locals, get more information about the city, interesting places to visit, the fastest way to the office center. Actually, it doesn’t matter which variant you’ll pick, a hotel, a hostel room, or Airbnb for business. You should discuss all important questions beforehand to save time in future.

Hotel El Crucero

 

  1. Don’t trust to hotel rate. It can be out of date!

What kind of hotel do you prefer? Do you want 3 stars, 4 stars? Some people want to stay in a 3 stars hotel with a strict but comfortable room and a good business center. Others need no more than lux apartments, fresh lounge, and a personal office boy. Don’t look at the hotel stars! Look at its style and service, size, and hotel policy.

That’s why it is important to consider many different facts when picking a hotel. Of course, the hotel price means much. But what about the transportation, special offers, sales, and alternative variants? The fastest way to book a hotel is using special hotel booking apps. Nevertheless, making a search, don’t forget to get more information about what your group really wants and what your company is able to afford.

Want To Be Successful Businessman? Learn How!

If you want to be successful in business, you should be skilled in finances, marketing, management. Also, you should be polite and attentive to your partners and employees. Thus, planning a business meeting, don’t forget to take care of your partners. It’s not difficult with a couple of modern apps on your phone. Do you want to book a car and meet your partners? Click here! Do you want to find the best restaurant for a business lunch? Find a proper app and enjoy your dinner! That sounds good but mobile apps are useless when it comes to your personal skills. Your workability, personal and professional development, responsibility, ethics – these are the key factors of your business development. But you need more!

businessman-1071759_1920

 

TO SUCSEED IN BUSINESS YOU HAVE TO…

  1. Cooperate with others

Cooperation is a foundation for everything you do in your business. You cannot build up your business without cooperation. You should contact to your colleagues, meet new partners and clients. It is important to make a plan of your work and establish a set of rules and obligations for every person in your company. Make your task complex, but achievable. This is the only one way to reach the highest result.

  1. Work hard

If you have much energy to spend for your business, spend it wisely. Just make a list of your tasks and fulfill them one by one. Concentrate on what you want to have in result. Try to be creative and hard-working. Look through the list of your tasks once again. Try to fix a date, terms and your expectations for every task. Spend your efforts for the most important tasks first and never forget to control and correct your task list.

Businessman checking stock market online

 

  1. Concentrate on possibilities, not problems

Everything is possible – that must be your new business rule. You may have a lot of difficulties in business. Don’t look at them as they are problems. Just try to find the solution. That’s rather creative process. If you got stuck in your task and can’t find the way out, it’s time to share your problems with your team. Let it be your collective work.

Group of diverse people having a business meeting

 

  1. Do self-checking

If you want to do your tasks in the best way, try to check yourself. What does it mean? Correct your work all the time to be sure that it is done according to the highest standards. Get some motivation! One of the best ways to stay motivated is achieving much success in every task. But first you should put the goal and describe what result will be perfect for you. Think big!

  1. Control your time

Time is money. To control your time try to find out where do you spend the most of your priceless time. Do you solve the easiest tasks first or like to spring forward and take the hardest goal to reach? It is important. Doing small and not very important tasks you waste your time. Try to concentrate on the most important questions and work from there.

TIme

 

  1. Take responsibility

Whatever you do to make your business successful, you should always take responsibility for what you do and even for what you don’t do. Everything, positive or negative, should be considered. Take responsibility for your mistakes. Every time you make a mistake, take it positively as an important lesson. Think about it, analyze, learn more, and spend more efforts to do that task. If you are responsible, you are flexible. Mistakes make you more and more creative. It makes you think and learn. Of course, if you want your employees do the same, you should give them an example first. Be that positive example to teach them and inspire.

Businessman on Laptop

 

  1. Be kind

Are you surprised with that word? Being kind seems to be the simplest step to the top of your business ladder. It doesn’t mean that you are weak. It just means you have enough power to do good at any weather. Being kind means you see possibilities, not problems. That’s exactly what you need for making your business successful. Be kind. Be kind to yourself, to people you are working with and for. Just create a positive emotional atmosphere in your company because no one but you are responsible for that. Kindness is an important business quality!

So, you are a powerful person, a successful manager, a big leader. Conducting your own business will never be an easy task to do. You should work not only on your professional duties, but your personal qualities. Try to analyze yourself. What kind of personality are you? What qualities do you have to be a leader? What can you teach your staff? Is there something to proud of? There must be something! Check it step by step according to the least above.

Keeping Your Home Business Taxes In Order

Running your own business is not easy. The hours are long, the work is difficult, and the clients and employees are a story for themselves. So, in other words, you need every break you can get, and any mistake you make should be minimal. That’s where keeping your taxes in order comes in. A simple concept really, it’s just common sense. And yet everybody does their taxes at the last moment, skims through the paperwork, and basically does it only if they have a metaphorical gun to their head.

But handling your taxes for your home business can not only save you from possible headaches but can even get you benefits and write-offs. Below you can read some advice on how to get your home business taxes in order. And note that these, of course, vary from country to country, and from region to region, but the core ideas of this article are pretty universal.

You are eligible for a workspace write-off

One of the first things you can do is write off your home office. If you are in the line of work that allows and necessitates that you are constantly in the same room every day, then you can write it off. You can also write off a part of a shared room, the rules are pretty much similar. Namely, the space you are using is calculated as a percentage of your home’s total area. Then you apply this to the utilities, costs, insurance, rent… Now, of course, you must be honest. Don’t fudge the numbers, and don’t include things like fancy paintings or artwork that you don’t really need.

Getting a proper tax depreciation report done can also show just how much money you can actually save and write off. It can essentially present to you by how much you can lower the amount of taxable income you have.

Don’t forget about your retirement

Don’t forget to pay into your social security and your health insurance, however, know that you can get a certain amount of contributions you pay in reduced, while still keeping the same results. You can fund your own retirement plan specialized for self-employed individuals. Know that getting a good accountant can always help you a lot.

Keep a journal

Audits are no joke, and they happen. Still, if you are honest, and have kept your books in order then there’s nothing to worry about. The last thing you need is to get audited without any record of your business dealings. Essentially keeping a daily log of your home business activities can save you from any unnecessary unpleasantness. So, write down receipts for the paper you bought for your printer, do the same for your phone calls, mileage, and any other payments made by your home-company.

Business trips, not vacations

Now, we’re not saying that you should lie when reporting this kind of things. But just because you’re having some fun on a trip that is all about networking and professional self-improvement doesn’t mean it can’t be considered a business trip. On a business trip, all your travel expenses and some percentage of your food percentage are tax deductible. Just remember to justify these expenses properly, keep receipts, tickets, seminar invitations, and mileage tracking records after your trip is over.

Don’t just pay, employ

Many home business owners have family members who take part in their business. They provide their services and then get paid. However, what people forget to do is to actually employ, not just pay, their family members and friends. What we mean by this is that it can actually be cheaper, tax-deductible, and carry many more benefits if you fully employed the people that are helping you.

Get your office set up

Know that getting new office furniture, a new laptop, software, printers… is tax deductible. Of course, there is a limit to this, and the things you buy must be used regularly (majority-usage) and be actually directly useful for your business. So, a new laptop and office chair is ok, but a widescreen TV not so much.

Conclusion

All the rights and obligations surrounding taxes fall onto your home business as much as they would on any megacorp. Now, the obligations part is pretty obvious, but people forget just how much they can write off, and how much assistance they can get.