I’m looking into investing money for various people who have asked me to manage their money. I’m interested in doing so in a mutual fund sort of way and would like to know if anyone has recommendations as to some good software programs that will track (and keep separate) the numerous contributions and deductions by people invested in the fund. I need to be able to always know what percentage of the funds value is attributable to each investor.

On a side note: Am I wrong in thinking that I don’t need any special license in order to invest other people’s money? I would have a contract with each investor that would cover all the typical disclosures IRT “the risks of investing” and “past returns are no guarantee of future results”, etc. I plan on making this my home business for tax purposes as well. Am I missing something?

Thanks.
I realize that people "usually" have some sort of a business degree but I don’t think there’s an actual "requirement". Besides, some of the advisor/planner "credentials" I’ve seen are so easy to get that it’s a little comical when I see them listed as qualifications…
Yes, I could get financial advisor and planner certifications but I really think there not worth much. I served with a guy who had a financial degree and he consistently commented as to how I knew more than he did and how I could pass the exam to be a broker if I wanted. I’m just not sure if I "have to".

I’m looking into investing money for various people who have asked me to manage their money. I’m interested in doing so in a mutual fund sort of way and would like to know if anyone has recommendations as to some good software programs that will track (and keep separate) the numerous contributions and deductions by people invested in the fund. I need to be able to always know what percentage of the funds value is attributable to each investor.

On a side note: Am I wrong in thinking that I don’t need any special license in order to invest other people’s money? I would have a contract with each investor that would cover all the typical disclosures IRT “the risks of investing” and “past returns are no guarantee of future results”, etc. I plan on making this my home business for tax purposes as well. Am I missing something?

Thanks.
I realize that people "usually" have some sort of a business degree but I don’t think there’s an actual "requirement". Besides, some of the advisor/planner "credentials" I’ve seen are so easy to get that it’s a little comical when I see them listed as qualifications…
Yes, I could get financial advisor and planner certifications but I really think there not worth much. I served with a guy who had a financial degree and he consistently commented as to how I knew more than he did and how I could pass the exam to be a broker if I wanted. I’m just not sure if I "have to".

i just started my in home business, do i get to write off start up costs, if i do how much can i write off and what can i actually write off, i.e. comuter, a desk, supplies and such. thanks
thank you guys, and i have started sellin cosmetics and skin care products, i thought maybe i could get some advice about some deductions before i purchased a laptop and a desk and some storage peices. thanks though

just graduated, so currently have no job, but I just began an online business and started doing pretty well. What is the best way to maximize my profits and minimize my taxes? I know there is a alot of deductions to be made owning a home business, what is the best way to approach this? Should i form a company, LLC, inc., etc…

at the end of the year, am I taxed just on my gross sales, or my profits? My costs will be high as well.

Any 1 good book to explain all this as well?

Thanks

Here’s my situation:

-I made about ,000 in 2007 from my employer (W2).
-I have an at-home business and made 0 (1099-MISC and in bonus income)
-I participated in a student loan redemption program which gave me 00 towards my student loan debt. (1099-MISC).

–I was able to claim about 0 in expenses for my business and donated 0 to charity. I had no other major deductions.

When I compute my taxes using TurboTax–I went from a 00 refund to owing over 0. Does this seem right?
I know that there are no taxes taken out of $$ earned on 1099. I just thought it sounded like I owed more then I should.

Money owed is 0+ to feds and 0+ to state. I filed W4 with 1 dependent (is that the right term?)
Forgot to add that I did claim the max amount of student loan interest allowed for my income level–00.

I have a large number of deductions because of a home business, so maybe I won’t be paying taxes on it. I did put away enough $$ to cover the 28% if I get hit. Should I worry about it or let the IRS find it and send me a bill?
I listed the capitol gains on my taxes. That part does show up, so it isn’t that I didn’t list my income from my 1099-B. But it just doesnt look like I got hit with taxes (unless I had enough deductions that they were wiped out by the writeoffs). It isn’t that I withheld the information.

Christina makes quilts for her home business
she uses 10% of the total square footage of their home
expenses related to operating the entire home include utilities 2k; insurance, 500; depreciation attributable solely to the home office is 800.

christina computes her deduction relating to the use of car using actual expenses gas and oil 900; insurance 300; and repairs 100. The car is fully depreciated. Her daily diary revealed that, for the year, she had driven a total 20000 miles, including the following trips

Home to sales outlets and return…….10k
Between sales outlets……………………2k
Misc. Personal Trips……………………..8k

I dont understand this, please help–
thanks!
Thanks Rudolph, but that didnt help me

I’m really discombobulated, I dont even know how to begin the problem.

I’m looking into investing money for various people who have asked me to manage their money. I’m interested in doing so in a mutual fund sort of way and would like to know if anyone has recommendations as to some good software programs that will track (and keep separate) the numerous contributions and deductions by people invested in the fund. I need to be able to always know what percentage of the funds value is attributable to each investor.

On a side note: Am I wrong in thinking that I don’t need any special license in order to invest other people’s money? I would have a contract with each investor that would cover all the typical disclosures IRT “the risks of investing” and “past returns are no guarantee of future results”, etc. I plan on making this my home business for tax purposes as well. Am I missing something?

Thanks.
I realize that people "usually" have some sort of a business degree but I don’t think there’s an actual "requirement". Besides, some of the advisor/planner "credentials" I’ve seen are so easy to get that it’s a little comical when I see them listed as qualifications…
Yes, I could get financial advisor and planner certifications but I really think there not worth much. I served with a guy who had a financial degree and he consistently commented as to how I knew more than he did and how I could pass the exam to be a broker if I wanted. I’m just not sure if I "have to".

I’m looking into investing money for various people who have asked me to manage their money. I’m interested in doing so in a mutual fund sort of way and would like to know if anyone has recommendations as to some good software programs that will track (and keep separate) the numerous contributions and deductions by people invested in the fund. I need to be able to always know what percentage of the funds value is attributable to each investor.

On a side note: Am I wrong in thinking that I don’t need any special license in order to invest other people’s money? I would have a contract with each investor that would cover all the typical disclosures IRT “the risks of investing” and “past returns are no guarantee of future results”, etc. I plan on making this my home business for tax purposes as well. Am I missing something?

Thanks.
I realize that people "usually" have some sort of a business degree but I don’t think there’s an actual "requirement". Besides, some of the advisor/planner "credentials" I’ve seen are so easy to get that it’s a little comical when I see them listed as qualifications… Yes, I could get financial advisor and planner certifications but I really think there not worth much. I served with a guy who had a financial degree and he consistently commented as to how I knew more than he did and how I could pass the exam to be a broker if I wanted. I’m just not sure if I "have to".

I’m looking into investing money for various people who have asked me to manage their money. I’m interested in doing so in a mutual fund sort of way and would like to know if anyone has recommendations as to some good software programs that will track (and keep separate) the numerous contributions and deductions by people invested in the fund. I need to be able to always know what percentage of the funds value is attributable to each investor.

On a side note: Am I wrong in thinking that I don’t need any special license in order to invest other people’s money? I would have a contract with each investor that would cover all the typical disclosures IRT “the risks of investing” and “past returns are no guarantee of future results”, etc. I plan on making this my home business for tax purposes as well. Am I missing something?

Thanks.
I realize that people "usually" have some sort of a business degree but I don’t think there’s an actual "requirement". Besides, some of the advisor/planner "credentials" I’ve seen are so easy to get that it’s a little comical when I see them listed as qualifications…
I realize that people "usually" have some sort of a business degree but I don’t think there’s an actual "requirement". Besides, some of the advisor/planner "credentials" I’ve seen are so easy to get that it’s a little comical when I see them listed as qualifications… Yes, I could get financial advisor and planner certifications but I really think there not worth much. I served with a guy who had a financial degree and he consistently commented as to how I knew more than he did and how I could pass the exam to be a broker if I wanted. I’m just not sure if I "have to".