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Once your home business becomes established and successful, one of the most common mistakes, a home business owner makes is sharing your wealth. Sharing your wealth, is not just sharing it financially, it is also in the form of giving of your time and expertise. Any successful home business owner must return some of their “wealth” to one or more of the following areas. In doing so, research confirms that a home business owner becomes even more successful. Here is a brief overview of the three “Sharing your Wealth” areas:

1. Mentoring: Somewhere along your road to home business success, you had a mentor who gave their time and expertise to assist in your home business success. Now that you have success, passing along your “expertise” to someone else will give you returns ten fold. Mentoring can be in the form of assisting someone looking to begin a home business to helping a student at your local school. Whatever form mentoring takes for you, find someone and mentor them.

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The home office deduction gets a bad wrap. There are so many rumors out about the home office deduction that you may want to avoid the whole subject. But if you have a home office and aren’t deducting it, you could be missing out on some very valuable tax savings. Let’s take a look at the truth behind the myths about the home office deduction.

Myth Number 1 – The home office deduction is a red flag for an audit.

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