How to Start a Small Business When You’re a Parent with a Disability

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Are you ready to jump into a new venture? Being a parent is serious business in and of itself, but when you’re a mom or dad with a disability, getting a small business up and running can be a daunting task. Here is how to set yourself up for success.

 

Flexibility and Balance

 

Parenting is a demanding job, and parents with disabilities face unique challenges. How do you balance your career, your home life, and tending your personal needs in a way that is both satisfying and responsible? Being a small business owner can be the perfect solution. As The New York Times points out, becoming an entrepreneur allows people with disabilities to find independence, income, and flexibility. You can even work from home! As Angie’s List notes, though, you’ll need to make sure your home office is set up for “maximum productivity.” The site suggests eliminating distractions as much as possible (don’t put your desk in the kids’ playroom), illuminating it with natural light, and keeping ergonomic design in mind when selecting furniture. Be sure you choose pieces that accommodate your disability and will keep you comfortable throughout the workday.

 

Through owning your own business, you can achieve your financial and professional goals while scheduling comfortably around your capabilities, your family, personal needs, and other obligations.

 

What’s Your Niche?

 

The first thing you need to do is come up with the right business idea for you. Make sure to research trends and which startup ideas have the potential to make money.

 

Sometimes, great ideas pop into our minds without effort, and some are birthed through a process of sifting, sorting, and conceptualizing. If you aren’t sure of your direction, one suggestion is to look at your strengths, weaknesses, and lifestyle, and then start from there. Perhaps you can identify an issue your business can solve or a service you can provide. Make some notes to see if you find a trend. Then, narrow down your ideas until you find that happy place where there are customers AND a service or product you’d like to produce. That’s called your niche.

 

Do Some Brainstorming

 

Once you solidify the direction for your new venture, you can lay some groundwork. Starting your own small business is easier than it sounds. One of the first things you need to do is choose a name for your new venture. Many people get bogged down selecting a business name, but Inc. points out your time is better spent making money, so pick a name and jump in!  Some experts suggest thinking in terms of something that tells people what you do, which will make your brand readily recognizable. Some experts suggest you use a business-naming tool. A well-chosen brand gives your business credibility and provides an emotional connection with your target audience. It gives your customers and employees something to believe in and generates loyalty.

 

Connect with the Government

 

Once you decide on a name, you may need to connect with the government. If you will employ other people or will partner with someone else, you will need an Employee Identification Number (EIN). Some locations also require you to register your business name, and some require a business license. Check in with your county or city government for guidelines.

 

Evaluate Your Finances

 

As they say, it takes money to make money. You need to take a realistic look at your financial situation to see if you have enough funds or if you will need to apply for loans or grants for your new venture. Some professionals recommend overestimating your need, since many new businesses run out of funding before they can start turning a profit. A small business loan is a practical solution, and there are some wonderful grants and funding opportunities from various organizations specifically oriented toward people with disabilities.

 

Independence Can Be Yours!

 

Starting a new business can be the effective and smart solution for parents with disabilities, so lay a great foundation to ensure your success. Through your own business venture, you can pursue flexibility and independence for a balanced and fulfilling life. If you’re doubting yourself, go here and be inspired! There’s a vibrant, passionate community waiting for you with open arms.

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Surviving the Seasonal Stress of Filing Taxes in Newton MA

Tax Preparation Services in Newton MASurviving the Seasonal Stress of Filing Taxes in Newton MA

It’s often said that the winter holidays are the most stressful time of year, but I bet anyone who has to file an income tax return could easily argue against that contention. With mounting anxiety, Americans often procrastinate for weeks or months before rushing around to collect all the necessary paperwork they need to file. Finally they sit down to face the task – often unaware of which way their return will fall. Will they owe this year or get a tax refund?

 

The economic demands of our day make this season of stress even more challenging for many. With income barely meeting their needs and unexpected expenses straining an already tight budget, many people dread the thought of an additional tax bill. On the flip side is the relief felt when they find that they’ll be getting a refund check in the mail.

 

Knowing that the anxiety-inducing job of filing a tax return is inevitable simply means that postponing the task just adds to the stress. So no matter what you may expect, whether good or bad, the first step in easing the stress is to get down to business. Then, once you know the outcome, you’ll have time to decide how to ease the burden of a tax bill or the best use for a tax refund.

 

Income Tax Preparation in Newton MAYou owe the Taxman!

Taking the worst-case scenario first, finding that you owe the IRS. First off, don’t panic even if the amount is beyond your ability to pay within the 10 days allotted after the IRS has made the assessment of what you owe. You need to be proactive in finding a solution while protecting your assets. No one will come to arrest you, but you will begin to get threatening notices before you’ll be contacted by a revenue officer. Quick action will help prevent the harassment and additional penalties and interest.

 

The first question to ask is whether you actually owe the money. A simple mathematical error can mean the difference between a refund and a tax bill. Thoroughly review the forms you filed for discrepancies. Better yet, pay a professional tax preparer to go over your returns again. If you discover that you definitely owe the IRS, you have multiple options to repay. Some will reduce the net amount owed; others will increase your overall payout.

 

An installment plan is the option used by taxpayers who owe less than $25,000. Fill out IRS Form 9465, a straight forward, form used to request a monthly payment plan. Provide the total amount you owe, how much you are able to apply to the tax bill right now and the amount you can pay each month. The IRS then can adjust the agreement or offer other arrangements.

 

Other options for taxpayers who owe money include account receivable and bank levies, wage garnishment, penalty abatement and what’s called an ‘offer in compromise’ which lowers the amount owed. However you decide to address your obligation to the IRS, the sooner you pay it off, the less you’ll pay in interest and penalties.

 

Tax RefundWhoopee! A Refund!

While celebrating may be overkill, taxpayers who are getting a tax refund can breathe a sigh of relief for dodging a tax bill. They now have an opportunity to make wise use of a tax windfall.

  • Invest/Save: One of the most fiscally responsible uses would be to deposit it into a 401k or other investment fund that earns interest.
  • Pay off Debt: While increasing your investment accounts has obvious benefits, the decision to pay down debt is a stress reliever for anyone who carries a balance. Lower debt has the potential to move your credit score in a positive direction making future borrowing easier.

 

Experiencing less stress during tax season comes when you pursue excellent financial management all year long. Avoid becoming overwhelmed by consistently burning the midnight oil and sacrificing entire weekends to work. Focus on balancing work and your private life. Set financial goals and celebrate milestones.