Its time to begin another year, and I hope that you are set for a more successful 2010. Good luck with your home business resolutions, and may you find a little more prosperity and happiness in the coming year.

Image source: onemonkeyshow

As the new year approaches, many of us think about what we would like to accomplish in 2010. I’ve got my own personal and financial resolutions, as well as a couple for my home business. I thought about what I’d like to accomplish, and asked myself a few questions. And, really, I came up with a rather short list of home business New Year’s resolutions:

* Cut ties with clients that demand more and pay less.

* Focus on developing a more targeted plan with social media.

* Begin deciding which clients to cut as my husband finishes his Ph.D. and looks for a job.

I am really fairly satisfied with my home business overall, and quite happy with the way things have been going. I am fortunate in my connections, and my hard work laying a foundation over the years has paid off. Now it’s about refining my focus to a point where I might have time to write my own book or develop my personal blog. Those goals are another year or three in the future, but what I do now will eventually get me there.

Do you have New Year’s resolutions for your home business?

Everyone sets goals this time of year. And that includes home business owners. We are all interested in setting goals to provide some sort of guidance in the coming year. And it is also a good time to reflect on how things went this year. As you look toward 2010, it is a good idea to stop a minute and consider this past year. Freelance Folder offers five questions you should ask yourself before you start setting your home business goals for next year:

1. Are you doing what you want to be doing?

2. Which projects did you most struggle with? Why?

3. Did you lose customers? Why?

4. Did you gain customers? Why?

5. Are you comfortable with your typical workload?

When I began asking myself these questions, it really opened my eyes to how things have been going and what I might want to accomplish for next year. As a result, I’ve been holding off on my home business goals for 2010. But I think I’m about ready to make them.

It’s time to start working out your home business tax deduction options, and one of those is a portion of your mortgage payments. When you have a home office, you can deduct a portion of your mortgage payment.

Here’s how you do it:

1. Check to see how many square feet your home has.

2. Figure out how many square feet your home office has. If you have a whole room for your home office, then use that. If your home office is only a 5 foot x 4 foot area, figure that up.

3. Divide the square feet of your home office by the total square feet of your home.

4. Multiply that number by your mortgage payment.

This will give you an idea of how much you can take as a tax deduction for your home office. Here is an example:

1. My home is 1750 square feet.

2. My home office takes up 6 feet by 4 feet in one room of my home, or 24 square feet.

3. 24/1750 = .014

4. .014 x $1,350 (my mortgage payment) = $18.90

That’s really not much. But if I had a whole room dedicated to my home office, I’d be looking at pretty close to $80, which might be enough to push me down a little bit. And some people believe that every little bit matters.

And, of course, you can also take the percentage of your utility bills. For instance, if I paid $1,200 a year in utilities, I can take another deduction of $16.80 (.014 x 1,200), for that portion of my utilities. This also works if you are renting.

But you have to use the home office space strictly for your home business. This is why I don’t get to count the entire room; I use part of the room for storage. However, you should speak with a tax professional before doing anything, just to make sure that everything is as it should be.

No, I’m not working today! Instead, I wrote this post ahead of time and I’ve scheduled it to pop up today. I thought this was a funny Christmas video featuring pictures of kids who are scared of Santa. Don’t talk to strangers! (And some of these Santas are strange…) Merry Christmas.

Happy Friday!

Today is Christmas Eve, and if you’re like me, you’re operating on a shorter schedule. But the home business rarely gets a day off! So you’re probably hurry to finish a few things up so that you don’t have to do anything tomorrow. I know I am!

Hopefully, you have received the gift of a successful home business this year — or at least one that is on the road to success.

Merry Christmas!

As the end of the year approaches, it’s time to start thinking about home business tax deductions. And one of the things you can deduct is your home business Internet use.

For many people who work from home, the Internet is a lifeline. However, it costs money to get a fast, reliable Internet connection. The good news is that you can deduct some of your expenses. Many people don’t want to get a separate Internet service for the home office, and that is okay. You can actually deduct a portion of your Internet costs.

Figure up how much you use each month for Internet, and then take a percentage of that. For example, 85% of the Internet usage in my home is for my business. We pay about $28.81 for Internet, what with access fees and equipment rental. So, I multiply .85 by $28.81 and end up with $24.49. For 12 months, that’s $293.88 that is eligible for deduction. This amount should be added up with other home business expenses. It should be part of the P&L statement you have if you are a business, or added on Schedule C if you are a sole proprietorship.

And, of course, since I am not a tax professional, it is a good idea to double check things with a tax professional or with the IRS.

Hopefully, you are taking a few minutes to look beyond the holiday (and the possible breakdown) to tax time. Now is a good time to organize some of your home business information and documentation — if you haven’t been all year. Just do a little bit at a time so that you don’t feel overwhelmed. Some things to think about include the following tax deduction possibilities:

* Home office supplies

* Computer

* Business travel expenses

* Car or truck

* Trade subscriptions

* Cell phone use

* Child care

You can also take a deduction for your Internet use and part of your mortgage — the part that encompasses your home office. Tomorrow and early next week, we will take a look at how to take the tax deductions for your Internet use and your mortgage use.

If you are unsure about whether you can take a deduction (you should be using deducted expenses for business purposes only), you can contact the IRS or consult a tax professional.

Sometimes we all feel overwhelmed by the amount of work we have to do as home business owners. And, during the holidays, this can be even more challenging. There are family functions to attend, and kids are home from school. And domestic partners might have time off. All of this can combine to create a situation in which you just don’t seem to have a lot of time to accomplish what you’d like. Hell, sometimes it’s difficult to get done what you need to do.

I know. I’m the verge of a breakdown myself. I’d like to go curl up in a fetal position somewhere and just completely lose it for about an hour. But I don’t have the time. Everything is spiraling out of control, and, quite frankly, I’ve been up late a lot with company and I was completely unconscious for two hours longer than usual this morning. Which means that I didn’t enjoy it because I wasn’t aware of the problem until I woke up and saw the clock. At which point I leaped out of bed thinking horrible swear words inside my head.

So I’ve though of some fatal mistakes that I made in the lead up to this week:

* Foolishly agreeing to a long-term freelancing project two weeks ago, even though I knew I’d have company.

* Trying to do everything. I mean, I cleaned the house. I should have just left it.

* Not doing enough extra when I had the time. Poor preparation.

I did a little preparation, but not nearly enough. However, I have started telling people that I am unavailable for anything new until after the new year. Because I just can’t handle it. But I’m thinking that tonight, tomorrow and Wednesday are going to be busy and long.

Another week in December, another fun Christmas video on Friday! This week, I thought I’d share this video from South Park, featuring Cartman trying to sing O Holy Night. Enjoy!

Happy Friday!