Small Business Tips
Without a doubt, running a small business, even from home on a part-time basis, is one of the single best ways for you to enjoy many deductions that are simply unavailable to non-business owners. Here are just a few of the key tips I outlined for you in the small business strategies section:
Key Tips to Remember
- Your personal expenses and things you own and do, can become fully or partially tax-deductible. The key to deductions is a legitimate intent to create a profit, typically two out of every five years.
- Begin a small business as a “sole proprietorship”, instead of as a corporation, especially in the beginning.
- Use business “paper” losses to tax shelter job and investment income
- Diversify: by investing in multiple streams of income. Real estate to business, business to real estate. You get the idea.
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