& EXACTLY WHAT YOU SHOULD KNOW SO YOU STAY PROFITABLE.
Here’s the deal kids, business ain’t easy and life most deffinantly isn’t cheap. If you ask anyone who’s ever ran their own business, no matter how small, they will tell you the same thing every.single.time…. and that is, that they had to skip paying “this” (at home) so they could pay for “that” (for their business) when they started out. You will probably sacrifice left and right if your heart is in it, but the time will come when it all pays off. So don’t lose site of the end game.
Money doesn’t fall from trees or I’d plant them in my house and wouldn’t even care how much dirt got scattered from the planters and my naughty cats not getting along.
That being said, I am not going to tell you that it will be easy to get started or that it will necessarily be profitable right off the bat. BUT, that is why it is SO IMPORTANT to know all the little tips and tricks you can in order to make it happen like a BOSS and also to be able to save where you can along the way!
So what are some of the tips you ask? — Also Note: this is just the beginning, if you want all sorts of good info on how to start, successfully run and multiply your business…. keep following along. Or even take my MUCH LOVED 15 course series here.
So here’s the deal… I want to put together all of the tips and tricks I have learned that can DRAMATICALLY help you business wise and financially and post them throughout the next couple of weeks to help you start off next year not just on the right foot, but absolutely hitting the ground running!
*** Also, a side note: If you haven’t already started your online business, rule number one, find amazingly priced, but super snazzy web hosting service; I love BlueHost. ( Check back this week on my quick set up for your business and how to achieve quickly but ACCURATELY).
So let’s get down to brass tacs and the ENTIRE reason you are even here. Today’s lesson will be all the places that you can gain back tax advantages for your business and win all the way around!
What is a tax advantage? Essentially a jazzy way of saying the government will you money back on previously paid expenses based off the size of the advantage rates the government has determined per claimant.
So for example: let’s say for my consulting business and the blog I run, I have to get my hair done to look pretty for my shoots to help with PR and advertising. Therefore, whichever expenses are made to help me with business will then be applied towards business related expenses and may give me a tax advantage – meaning I may either pay less or get money back at the end of the tax year.
How to apply this? Then I would pay for the services via my business card (or keep the receipts if paid personally) and then report that at the end of the year when I submit my taxes. Then the government can take a look at all of the places where you may or may not be given an advantage (write off) and if you do, you will receive refunds. Still not making sense? Let me break it down:
I get my hair done and it helps my business, therefore it can be applied as a business expense. I get it done 6 times a year (about $250 each time X 6 sessions = $1,500). So at the end of the year, i would report $1,500 in hair expenses for the business which would later be deemed business expenses when you report your taxes and you may receive refunds back.
Same can be said about the cost of the goods your purchase in order to operate as a business, fuel for your vehicles or the vehicles themselves, marketing, travel ect. So let me give you a list below and show you A TON of areas where you just maybe able to have write off’s yourself.
YOUR TAX WRITE OFF CHEAT SHEET: