Business Owner

I just came from the tax guy this morning and received great news – a refund!  (I can’t believe I waited this long!)  I wasn’t sure this year because things changed for us in several ways and I went from having part-time businesses to being fully self-employed.  I highly recommend that you (everyone) becomes a business owner – at least a part-time home-based business.  The business can be anything you want (I recommend something that you are passionate about), and the distinction of business vs. hobby is simple.  You ask the question: “Am I in the pursuit of profit?” and if so, whatever you are doing is a business.  The IRS doesn’t care what you are doing to be in the pursuit of profit, they simply put the laws out there and if someone chooses to take advantage of it, great.

Here are the reasons why you want to own a business: tax deductions!  It’s all about the tax deductions.  Not to mention that you can create your own schedule, you are solely responsible for the success/failure of the business and you don’t have to work for the man.  Why tax deductions are important: tax deductions decrease the amount of income that you are taxed on.  So, if you are an employee, you are taxed first and then left with whatever you are left with to pay your bills and have fun BUT if you are a business owner, you pay your expenses first, then are taxed on the smaller amount and then have more left over to have fun with!  (Or, if you are prudent and responsible, more to invest, save, and plan with.)

As I was sitting across from Ed today, I realized that a great number of people who belly-ache about taxes and money and the “rich people getting richer” and so on, don’t take advantage of the tax laws.  The rich own businesses.  The tax laws date back long ago, when land and possessions determined a person’s wealth.  The government wanted to benefit those who were involved in commerce, so the tax law is written in a way that does so.  You can reap the benefits of owning your own business and you can start today, with no money out of pocket.  Do it today for yourself, for your family and for your future.  Wanna know how?  Shoot me an email.  proveritasspeakers@gmail.com.

Man up!