Good morning everyone, Thursday night we talked about a few things. The first of course was to LIKE US on Facebook for a chance to win the Tony Youngs Bootcamp on July 13-15. The second thing we talked about was why Joe Craft, my favorite CPA always told me to own a home based business. He explained that the tax benefits you get for simply owning a home based business far outweigh anything you get by being a new investor. He explained that many things aren’t tax deductible unless you are full time and there are certain things you still can’t deduct unless you own a home based business. When I joined the company I am involved with, after 1 conversation with Joe, my cash flow increased by around $500. That far outweighed any of the costs associated with doing the business and gave me the ability to write many things that I wasn’t able to before joining. I was thrilled! By the way, a few folks asked for Joe’s contact information. Make sure you mention my name when you contact him. The easiest way is through email – firstname.lastname@example.org . If you would prefer a personal introduction, email me at Bernadette@BostonAREIA.com
Joe, gave me his top 10 reasons why everyone should own a home based business:
10) Write off automobile expenses
9) Write off cell phone expenses
8 ) Write off a portion of your home expenses including homeowner’s insurance, utilities and repairs and maintenance
7) Write off business meals and entertainment
6) Write off office expenses such as business supplies and postage
5) Hire your children to work in your business
4) Hire your spouse and write off out-of-pocket medical expenses
3) Write off business travel
2) Write off business equipment such as computers and printers
1) Accelerate those deductions by adjusting your with holdings from your paycheck to get these benefits today – INCREASE YOUR CASHFLOW TODAY!
I use that tax organizer every year to keep everything straight. Now….there is one thing that’s important. You have to join a business where you actually have the intent to make some money. There is a profit motive test that the IRS institutes…even if you report “a loss” because of all of your exemptions, you need to meet the profit motive test. To understand how that works, download this document – cfs-profit-motive-and-recordkeeping-info.
I believe in multiple streams of income. I was talking to one of my mentors the other day and we talked about streams of income like legs on a dog….if you only have 1, you aren’t going anywhere, if you have 2, you might be able to drag your butt around, if you have 3, you can get up and run and if you have 4 or more you are unstoppable. High tax benefits and income coming in from many places is key. If you are interested, I can help you find your passion and offer you a business that works for you and your lifestyle. Make it a great day!
Bernadette Trafton, Chief Connector